Deccan Chargers in talks to sell their team

Group Chairman says negotiations for sale are at an advanced stage; BCCI extends deadline to sort out issues till Sept 15th

The BCCI has extended time for the IPL franchise Deccan Chargers to sort out the financial mess related to the team. IPL Chairman Rajeev Shukla told news agency PTI that the franchise has been give time till September 15th to sort out all their financial problems and get back to the BCCI.

This came after Chairman of Deccan Chronicle Holdings TV Reddy told the Economic Times in an interview that the group was selling the Deccan Chargers cricket team and that they were at an advanced stage of negotiations.

The Deccan Chronicle group has been facing a major financial crisis and had mortgaged assets of their IPL team to banks to raise funds. This was without the consent of BCCI and against the rules of the IPL.

The IPL Governing Council had earlier imposed a August 31st deadline for the Hyderbad-based franchise to sort out their financial issues.

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The Deccan Chargers along with another franchise – Royal Challengers Bangalore  have also been guilty of not clearing dues owed to its cricketers.

The Deccan Chronicle group had acquired the franchise for USD 107 million in 2008.