DCHL invites bids for Deccan Chargers

Deccan-ChargersIndian Premier League (IPL) franchisee team Deccan Chargers is on sale. Hyderabad-based Deccan Chronicle Holdings Ltd (DCHL), the current owner of the franchise team, has invited bids from potential buyers.

According to the recently issued tender notice, potential buyers will be able to place bids starting today, September 7th, and the last date for placing the bid has been pegged at September 13th. The winning bid will be made public on the same day.

The franchise team has been valued at Rs 6.5 billion, and 5 per cent of the valuation will go to Board for Control of Cricket in India (BCCI).

Cash-strapped Deccan Chronicle has not paid salaries to players of the franchise team for many months. Deccan Chronicle was also accused of mortgaging the franchise to banks to raise funds without any prior consent from BCCI.

BCCI asked Deccan Chronicle to resolve the mortgage issue by August 31st, but it later extended the deadline to September 15th with a warning that would terminate the contract after that date.

Venugopal Dhoot, chairman and managing director, of Videocon Group has already expressed his interest in the team.

Mr. Dhoot, an enthusiastic cricket fan, said, "Yes, we are interested and will place our bids for buying out Deccan Chargers. It's a good fit for our brand and will be used to connect to our consumers.”

In 2010, Mr. Dhoot had tried his luck for the Pune franchise, but at that time he lost bid to the Sahara Group.