Companies

Deccan Chargers still unsold; company rejects sole bid

Swetha Kannan Chennai | Updated on September 13, 2012 Published on September 13, 2012

Deccan Chargers captain Kumar Sangakkara celebrating with team mates after winning their last game in the DLF Indian Premier League (fifth edition) Twenty20 cricket match between Royal Challengers Bangalore and Deccan Chargers at the Rajiv Gandhi International Stadium in Hyderabad. (file photo)

PVP Ventures, which has produced Tamil movie Naan E and the upcoming Kamal Hasaan movie Viswaroopam, is in the fray for Deccan Chargers. PVP Ventures is owned by Potluri Vara Prasad.

According to sources, there was only one bidder. However, Deccan Chronicle has rejected the bid saying the price and terms were unacceptable.

N. Srinivasan, BCCI President, said Deccan Chronicle still holds the team and the franchise has been given some more time. There is a BCCI Special Working Committee Meeting on September 15 in Chennai.

Deccan Chargers has been put on sale by its current owners and media company Deccan Chronicle.

The company has fixed the base price for the team at Rs 750 crore.

The team is being sold as Deccan Chronicle is reeling under severe financial mess. The proceeds of the auction has to be deposited in ICICI Bank, after giving BCCI 5 per cent.

According to a press release quoting Sanjay Jagdale, Honorary Secretary, BCCI, the bid received by Deccan Chronicle Holdings met the eligibility and suitability criteria. The bid was then reviewed by DC Holdings who, in its discretion and with no role being played by BCCI, rejected the bid on the basis of payment terms offered by the bidder, said the release.



The Hindu Business Line competes with Financial Chronicle.

Published on September 13, 2012
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