After months of speculation, the IPL’s Deccan Chargers franchise went under, and was put under the hammer as it failed to give the BCCI a bank guarantee, among other financial issues. The Chennai-based Sun TV Network bagged the franchise for Rs 85.05 crore a year, to be paid over the next five years and will now have a right to float their own team in IPL-2013. Deccan Chronicle Holdings Limited had bought the franchise in 2008 for Rs 428 crore. But their failure to provide Rs 100-crore bank guarantee led to the eventual termination of their contract. Deccan had earlier rejected a bid of Rs 900 crore from PVP Ventures.