New Delhi, Jun 15: The IPL team Deccan Chargers, following its poor run in the fifth edition of the lucrative league has forced its franchise, Deccan Chronicle Holdings Ltd to sell their stake as they have asked investment bankers to find prospective buyers, according to sources.
Though the franchise has not sent an official statement regarding the decision to sell their stakes in Deccan Chargers, sources close to the team owners have said that Religare Capital Market has been given the mandate to find the prospective buyers.
When asked PK Iyer, the Executive Vice Chairman of Deccan Chronicle Holdings Ltd regarding the issue, he refused to comment and said "(We have) no comments on market speculation."
While an attempt to get updates from Religare Capital Market was also futile as the officials were not available for comments.
Deccan Chronicle group had bought the IPL team Deccan Chargers for USD 107 million in the year 2008. Deccan Chargers' sponsors include Emirates, Jaypee Cement, TVS, Puma and Coca Cola.
The team having played all the five seasons, excelled in 2009 as they emerged as IPL champions under the able guidance of Adam Gilchrist in the second edition of the cash-rich league.
The 2009 Champions have failed to perform to their potential ever since, as they have secured fourth, seventh and eighth in the previous editions of IPL respectively.
Yet another disasterous performance in the fifth edition of IPL marked an early exit but the Kumar Sangakkara-led team came back strongly after being knocked out of the tournament by winning the matches against Rajasthan Royals and Royal Challengers Bangalore to spoil their chances to qualify for the play-offs.
Having bought the stakes for USD 107 million, Deccan Chronicle group has not specified the price at which they are willing to sell the team.