Deccan Chargers contract with IPL terminated

The BCCI tonight terminated the contract of the debt-ridden Deccan Chargers, bringing an end to the suspense on the fate of the beleaguered franchise.

The decision to terminate Deccan's contract was taken at an emergency governing council meeting of the IPL in Chennai.

The BCCI President N Srinivasan took the final call to end Charger's contract after discussing the issue with other members, a top BCCI official said.

BCCI's working committee will meet tomorrow to decide the future course of action.

The committee will decide whether to float a fresh tender for a new team or allow PVP Ventures, a Hyderabad-based urban infrastructure and film production company, whose Rupees 900 crore bid was rejected by Deccan at the auction yesterday, to take the team.

Deccan Chronicle Holdings, the owner of Deccan Chargers, received a bid of Rs 900 crore by PVP Venture Capitals but surprisingly chose to reject it at the auction as it considered the price and terms unsuitable. The development brought the BCCI back into the picture.

PVP Ventures may be given the team now. The late night development comes as a setback for Deccan Chargers which was trying to resolve its financial problems ahead of the 5 pm deadline tomorrow.

BCCI sources said that a fresh tender for a new IPL team could be issued.

"This option would be discussed when the governing council meet tomorrow as we want nine teams to take part in the next edition of the IPL" the source said.

The BCCI it is learnt also took legal opinion before deciding to terminate the Deccan contract mainly on the ground that it mortgaged the team to a consortium of banks.

The Deccan Chargers owned by Deccan Chronicle Holdings, was hoping to resolve its financial problems by selling the team but it rejected the sole bid it received at the auction yesterday.

... contd.

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