Deccan Chargers unsold as lone bid rejected

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Updated: Thursday, September 13, 2012, 17:42 [IST]
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Deccan Chargers unsold

Bangalore, Sep 13: Deccan Chargers will have to wait for some more time to find a new owner as the lone bidder PVP Ventures (producers of recent movie Eega) was rejected by Deccan Chronicle Holdings Limited (DCHL) "on the basis of the payment terms offered", an official media release from Board of Control for Cricket in India (BCCI) said on Thursday afternoon. The bid amount was Rs 900 crore, reports said.

"The Invitation to Tender that was announced on 6 September 2012 by Deccan Chronicle Holdings Limited, under the aegis of BCCI, concluded today under the observation of Mr. Narvekar, appointed by the Mumbai High Court.

"The bid that was received by Deccan Chronicle Holdings Limited met the BCCI's eligibility and suitability criteria. The bid was then reviewed by Deccan Chronicle Holdings Limited who, in its discretion and with no role being played by BCCI, rejected the bid on the basis of the payment terms offered by the bidder," BCCI secretary Sanjay Jagdale said in a statement.

A final decision on the same would be taken on September 15.

On September 6, DCHL had invited bids from prospective buyers in Tender Notice published in newspapers.

The tender notice was issued by Venkattram Reddy, Chairman, DCHL.

According to the tender notice, the bidder will acquire the team "as is where is" basis. That means the franchisee will have to stay in Hyderabad and will continue as Deccan Chargers.

"Bids must be submitted in person at 12.00 noon (IST) on Thursday, 13th September 2012 at the Greenways Hall, ITC Hotel Park Sheraton and Towers, Chennai. The winning bid will be announced on the same day."

Chargers won the second edition of the IPL in 2009 in South Africa after finishing last in the inaugural event.


Read more about: deccan chargers, ipl, bcci
Story first published:  Thursday, September 13, 2012, 15:38 [IST]
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