Mumbai, Sept. 13 -- The uncertainty regarding Deccan Chargers' future in the Indian Premier League (IPL) continued on Thursday after the owners declined to accept the lone bid attracted for taking over the team.
It underlined what is being anticipated for a while now, that IPL 6 is most unlikely to feature Deccan Chargers.
As representatives of the Hyderabad franchise's owners, Deccan Chronicle Holdings Ltd (DCHL), and the banks who have loaned huge sums to them as well as the Board of Control for Cricket in India (BCCI) bigwigs opened the lone bid submitted by PVP Ventures - at a Chennai hotel in the presence of a court-appointed observer - it was hoped the turmoil regarding the Chargers' future could be resolved.
But it was not to be. It was learnt that the PVP Ventures' bid was for Rs. 900 crore over 10 years, despite the DCHL's existing deal with the BCCI due to expire in 2017.
Deccan Chargers reject sole takeover bid
"The bidder offered to pay Rs. 90 crore per year for the first five years and then settle the remaining Rs. 450 crore in 2022, which was unacceptable to both DCHL and the banks," an insider revealed.
"The BCCI's involvement was restricted to checking the eligibility of the bidder," a senior Board functionary told HT.
"Then on, it was up to the owners and the bank officials who sat in a room and decided not to accept the terms and conditions offered by the bidder."
And with the BCCI's deadline given to Chargers for sorting out their problematic issues - outstanding players' payments and paying off the bank loans against mortgaging the team - set to end at 5pm on September 15, there is a bleak chance that the DCHL can rope in a financer to keep their team afloat.
"If they fail to resolve their outstanding issues, the working committee will decide whether to initiate the termination procedure or give them more time," a BCCI insider said.
But since the DCHL have failed to attract bidders or take more than two dozen of their lenders into confidence with regard to future of the company, let alone the IPL team, don't be surprised if the BCCI working committee that meets in Chennai on Saturday decides to issue a 30-day termination notice to the Hyderabad franchise.
Published by HT Syndication with permission from Hindustan Times.