Deccan handed 14-day deadline

Promising strict action for mortgaging their team and defaulting player payments,the IPL Governing Council (GC) on Tuesday night gave Deccan Chargers 14 days to sort out their liquidity crunch and submit a detailed report

Promising strict action for mortgaging their team and defaulting player payments,the IPL Governing Council (GC) on Tuesday night gave Deccan Chargers 14 days to sort out their liquidity crunch and submit a detailed report.

According to IPL sources,Deccan Chronicle Holdings Ltd,the company that owns the Hyderabad-based team,had mortgaged their franchise to two leading private banks to raise money an act deemed unconstitutional by the GC during the meeting for temporary financial relief even as they searched for a potential investor.

The two banks subsequently approached the GC to seek their advice.

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Deccan had initially sought $1,500 million for full stake but failed to attract any buyers,forcing the owners to lower the sum.

The GC had earlier warned the franchise to pay off the players,some of whom are yet to receive even 50 per cent of their fee for the fifth season.

The GC members heard both the parties and made their position clear. From our side,the IPL doesnt allow any team to raise funds by leasing out to financial institutions. We have given them a fortnight to sort out the issues. We may have to take measures to safeguard the interests of the league and the players, a member of the GC told The Indian Express.

The BCCI terminated the broadcasting rights contract of Neo Sports earlier this year when they defaulted on advance payment.

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It is likely that the GC will follow a similar route if Deccan fail in clearing their dues with the banks or are not able to find an investor.

T Venkkattram Reddy,owner of the IPL franchise,refused to comment on the developments.

The BCCI had earlier terminated the Kochi franchise for various financial and ownership irregularities,while Sahara,the owners of the Pune Warriors India team, had threatened to pull out of the IPL before a middle ground was found.