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Deccan Chronicle rejects sole bid for Deccan Chargers

Chennai, Sep 14 (): Deccan Chronicle Holdings Ltd (DCHL), the owner of the IPL Hyderabad team Deccan Chargers, yesterday rejected the only bid for the team, as the price offered by the bidder was not acceptable.

The Board of Control for Cricket (BCCI) in India said the bidder met its suitability and eligibility criteria but the price it offered was not acceptable to DCHL. BCCI release later said the bid was rejected by DCHL on basis of payment terms and conditions presented by the bidder.

Reports from Times Now said DCHL, the owner of Deccan Chargers, received bid from PVP Venture Capitals for Rs 900 crore but to the surprise they chose to reject the bid, as the banks to which the current owners DCHL owe money has opposed the bid.

The BCCI initially checked for the eligibility criteria of the bidders, whether they are proper and fit.

N Srinivasan, BCCI President said that they found the party was satisfactory to them. After that the decision was between the bidder and Deccan Chargers, BCCI wasn’t involved in that process. But Deccan Chargers informed them that the terms and price were not acceptable, so they had rejected it.

Srinivasn refused to comment regarding the course of action in future about the sale of Deccan Chargers. He said that cricket board had given notice to Deccan Chargers in order to “cure few defects” and also have given time to them to resolve the matter.

BCCI is likely to take a final decision on IPL team Deccan Chargers on September 15 at Working Committee Meeting.

Deccan Chargers were unable to give salary to their players during the last season of the IPL.

In IPL 2008, the team was in the last position among the eight teams. The team had a turn around and emerged as the IPL 2009 champion, winning 9 of 16 matches it played. In IPL 2012, it reached the 8th position of the total 9 teams.