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Deccan Chargers, the IPL team based out of Hyderabad, has been put up for sale by the owners Deccan Chronicle Holdings Ltd. The reason cited for this sale is the financial problems faced by the group in meeting its debt obligations. The Deccan Chargers was the 3rd costliest franchise when it was bought by the group. Apart from winning the IPL title in 2009 when it was held in South Africa, the franchise has not had any notable success. The franchise has been selling its star players and high earners and buying players that would come on the cheap in an effort to rein in the costs.
The franchise would be sold via a bidding process that would take place under the guidance of the BCCI. As the franchise is mortgaged by banks, a majority of the winning bid would go into repaying that debt. Also, 5% of the bid would also have to be paid to the BCCI. Also, the winner of the bid for the franchise may have to keep the franchise based in Hyderabad and also retain the name, but can always renegotiate with the BCCI. The Deccan group has been trying to sell the franchise for quite a while now and were almost successful in the past until negotiations broke down with potential buyers.
It would now be interesting to see who would bid for the franchise and more importantly, who will win.
