NEW DELHI: Owners of the financially floundering Deccan Chargers - Deccan Chronicle Holdings Limited - have issued a tender notice inviting bids from prospective buyers for their IPL franchise.
The notice states that "the winning bidder will acquire from the DCHL on an 'as is where is' basis the right to own and operate the IPL team currently known as Deccan Chargers, which is and will continue to be based in Hyderabad and which competes in the Indian Premier League and which has the opportunity (if applicable and subject to qualification) to compete in each and any CLT20 which is staged from 2013 onwards".The term "as is where is" means that the new buyer will have to use the name Deccan Chargers and will have to clear the liabilities of the current owner. The invitation to tender and the bid document can be acquired from the BCCI office in Mumbai from September 7 upon a payment of Rs 5 lakh by demand draft or pay order favouring DCHL.
According to the IPL constitution, 5 per cent of the bidding amount will be acquired by the BCCI. Earlier in June, DCHL had appointed investment banking institution, Religare to find a potential buyer.
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 deadline for the Hyderbad-based franchise to sort out their financial issues.
The Deccan Chargers along with another franchise – Royal Challengers Bangalore have also been guilty of not clearing dues owed to its cricketers.