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Chargers reject sole bidder

The latest development has resulted in more uncertainty regarding the future of the IPL team.

Written by Devendra Pandey | Mumbai | Published: September 14, 2012 1:05:21 am

The Deccan Chargers IPL franchise rejected the only bid they received on Thursday following the tender notice issued last week by Deccan Chronicle Holdings Limited (DCHL) that put the team on sale.

The Board of Control for Cricket in India,on behalf of the Chargers,reportedly received a bid of Rs 900 crore from PVP Ventures Limited,a company involved in urban infrastructure and financing of motion pictures.

However,it is learnt that the Deccan Chargers didn’t accept the bid because the terms of payment proposed by the bidders didn’t suit the banks that had extended loans to DCHL. The latest development has resulted in more uncertainty regarding the future of the IPL team. The BCCI’s working committee that meets on Saturday is set to take a call on the team’s future.

The Deccan Chargers representatives have time till 5 pm on Saturday to see whether or not they can work out a solution with PVP else the Indian cricket board is likely to terminate their contract and will encash the bank guarantee in order to pay unpaid dues of the players.

“As per the IPL constitution,the BCCI has power to encash a bank guarantee and we did that after terminating Kochi’s contract. The working committee will decided whether to float a new tender to have a new IPL team or have just eight teams,” a BCCI official said.

BCCI president N Srinivasan made it clear that the decision to reject the bid was completely taken by the Deccan Chargers. “The BCCI looked at the eligibility criteria of the bidders – whether they are fit and proper. We found that the party was acceptable to us. After that it was between Deccan Chargers and the bidder,there the BCCI was not involved. But they informed us that the price and terms were not suitable,so they didn’t accept it,” Srinivasan told reporters in Chennai.

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