In hey days: Deccan Chargers co-owner Gayatri Reddy (left)
THE OWNERS of troubled Indian Premier League team Deccan Chargers announced on Friday (October 12) that they have agreed to sell the franchise to a real estate company, pulling the side back from the brink.
Deccan Chronicle Holdings has authorised its board of directors “to sell, transfer/dispose of” the franchise to Mumbai-based Kamla Landmarc, the company said in a letter to the Bombay Stock Exchange.
The decision is subject to approval by its shareholders, it added.
Deccan Chronicle did not reveal how much the deal was worth but the Daily News & Analysis newspaper put the figure at around $190m (£118.29m).
Kamla Landmarc, which has commercial and residential properties in suburban Mumbai, is promoted by businessman Ramesh Jain.
The Board of Control for Cricket in India (BCCI), which owns the IPL, had last month terminated the Deccan Chargers’ licence for failure to comply with a deadline for overdue player fees.
The owners filed a motion in court against the expulsion order and the matter is still pending.
The BCCI was yet to respond to the latest move by the Hyderabad-based franchise.
Deccan Chronicle, a media company that bought the team for $107m (£66.61m) before the inaugural IPL season in 2008, won the tournament in 2009 but finished second from bottom this season.
Among the leading players signed up by the franchise are Kumar Sangakkara of Sri Lanka, South African fast bowler Dale Steyn and Australian batsman Cameron White.
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