Unsold Deccan Chargers scrapped from IPL
The Board of Control for Cricket in India has scrapped the cash-strapped Deccan Chargers team from the Indian Premier League and is expected to invite bids for a new team.
The Hyderabad-based Deccan Chargers, which failed to pay its players this year, was put up for sale but the lone bid from a local finance firm, PVP Venture Capitalists, was rejected as insufficient and unsuitable.
The BCCI said in a statement on Friday that the franchise did not act as agreed by rejecting the bid even though it met the eligibility criteria and "that any further extension of time would seriously prejudice the interests of the players."
The BCCI, which is expected to invite applications for a new team after a meeting on Saturday, said the amount offered by PVP was $82 million in cash and an equal amount in bonds.
"Since the month of May, BCCI has received repeated assurances that the overdue player fees would be paid; all of these promises have been unfulfilled," the BCCI said.
Deccan Chargers, whose prominent players include captain Kumar Sangakkara of Sri Lanka, South African pace bowler Dale Steyn and Australian big-hitter Cameron White, is valued at $240 million.