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Indian Premier League Updates
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ajuravi007
Regulars
Good news to hear....😛leasantry:
They will find another. Just that the profits would be lesser. I wonder how many franchisees would last the next 5 years. Kochi is out. RC-B & Deccan are falling out. Punjab & Rajasthan have had a scare. Pune also had some shaky moments.
ajuravi007
Regulars
I want to see BCCI getting less revenues from all forms of cricket...I dont know what hell is BCCI is doing with those porfit money..
They did give some of those to ex-players & they are investing some in infrastructure & domestic cricket. Not saying, they are idealists, but one has to admit, that things have improved with the inflow of funds, and funds made even before I-P-L. Simon Doull during the Test match on commentary was saying things (facilities/ground etc) have improved from the days he had played in Hyderabad & thats just a decade or so ago.
India Cricket News: 'In advanced talks to sell franchise' - Deccan Chargers owner | ESPN Cricinfo
Deccan Chronicle Holdings Limited (DCHL), the owner of the IPL team Deccan Chargers, is in advanced talks to sell the franchise, its chairman T Venkatram Reddy has said. The group has been forced to consider selling the team to raise funds to help it tide over a liquidity crisis brought on by a poor expansion strategy.
"We will sell our cricket team Deccan Chargers, which will sort out most of the immediate requirements," Reddy told the Economic Times in an interview. "We are at an advanced stage of negotiations to sell Deccan Chargers. And then the company will be back in action. The newspaper business will not be sold." The group reportedly needs an infusion of about Rs 500 crore (US$90 million approx.) to get through the current crisis.
DCHL had appointed Religare Capital to handle the deal to sell the team back in June. Chargers have not paid all its players in full following the 2012 IPL season and the BCCI had set August 31 as the deadline for all player payments to be made.
One potential complication for the sale is the board's contention that it holds the ownership rights and that no franchise can mortgage the rights without its consent. At an emergency meeting on August 14, the IPL governing council confronted the owners and asked them why the company had mortgaged the team ownership rights to two leading Indian banks.
According to Reddy, the company tried to expand its newspaper business too quickly and are now paying the price for that approach.
The Deccan Chargers franchise was bought by DCHL for $107 million in the first IPL team auction in 2008. At the time, it was the third-most expensive franchise, after Mumbai Indians and Royal Challengers Bangalore. During the second team auction in 2010, the Pune franchise was sold to the Sahara group for $370 million while the now dissolved Kochi franchise was bought by a consortium for $333 million.
If the owners succeed in selling the team, they would be the second in the IPL to sell at least a part of the franchise. In 2009, Rajasthan Royals, then the reigning IPL champions, sold an 11.7% stake in the franchise for approximately $15.4 million to Shilpa Shetty, the Bollywood actress, and her partner Raj Kundra, a UK-based businessman. That put the valuation of the franchise at around $140 million, more than double the $67 million the owners, Emerging Media, paid for it in 2008.
Chargers won the IPL in 2009 but have largely struggled since then. They finished eighth out of nine teams in 2012, winning just four games under the leadership of Kumar Sangakkara, the former Sri Lanka captain, and
Deccan Chronicle Holdings Limited (DCHL), the owner of the IPL team Deccan Chargers, is in advanced talks to sell the franchise, its chairman T Venkatram Reddy has said. The group has been forced to consider selling the team to raise funds to help it tide over a liquidity crisis brought on by a poor expansion strategy.
"We will sell our cricket team Deccan Chargers, which will sort out most of the immediate requirements," Reddy told the Economic Times in an interview. "We are at an advanced stage of negotiations to sell Deccan Chargers. And then the company will be back in action. The newspaper business will not be sold." The group reportedly needs an infusion of about Rs 500 crore (US$90 million approx.) to get through the current crisis.
DCHL had appointed Religare Capital to handle the deal to sell the team back in June. Chargers have not paid all its players in full following the 2012 IPL season and the BCCI had set August 31 as the deadline for all player payments to be made.
One potential complication for the sale is the board's contention that it holds the ownership rights and that no franchise can mortgage the rights without its consent. At an emergency meeting on August 14, the IPL governing council confronted the owners and asked them why the company had mortgaged the team ownership rights to two leading Indian banks.
According to Reddy, the company tried to expand its newspaper business too quickly and are now paying the price for that approach.
The Deccan Chargers franchise was bought by DCHL for $107 million in the first IPL team auction in 2008. At the time, it was the third-most expensive franchise, after Mumbai Indians and Royal Challengers Bangalore. During the second team auction in 2010, the Pune franchise was sold to the Sahara group for $370 million while the now dissolved Kochi franchise was bought by a consortium for $333 million.
If the owners succeed in selling the team, they would be the second in the IPL to sell at least a part of the franchise. In 2009, Rajasthan Royals, then the reigning IPL champions, sold an 11.7% stake in the franchise for approximately $15.4 million to Shilpa Shetty, the Bollywood actress, and her partner Raj Kundra, a UK-based businessman. That put the valuation of the franchise at around $140 million, more than double the $67 million the owners, Emerging Media, paid for it in 2008.
Chargers won the IPL in 2009 but have largely struggled since then. They finished eighth out of nine teams in 2012, winning just four games under the leadership of Kumar Sangakkara, the former Sri Lanka captain, and
The hole is getting deeper
Deccan Chargers unlikely to play IPL6 : Cricketnext
"The IPL governing council members will be meeting on September 4 where a concrete decision regarding the future of Deccan Chargers will be taken. As of now, there is very little chance that DC will be playing in IPL6 as it is unable to resolve the financial problems. The Board will have to find a new buyer for the team," a top BCCI official told PTI today
Deccan Chargers unlikely to play IPL6 : Cricketnext
"The IPL governing council members will be meeting on September 4 where a concrete decision regarding the future of Deccan Chargers will be taken. As of now, there is very little chance that DC will be playing in IPL6 as it is unable to resolve the financial problems. The Board will have to find a new buyer for the team," a top BCCI official told PTI today
Sources have told CNN-IBN that the BCCI could issue a tender for the franchise and that the board is likely to put up the Deccan franchise for re-sale. Sources say the board is keen to ensure the franchise stays afloat and in all likelihood, the tender is likely to be issued within a week. Sources have also added that two corporate giants from Chennai and Ahmedabad are keen on ownership.
CNN-IBN has also learnt that the base price for the franchise could be fixed between Rs 550 and 700 crore.
Deccan Chargers set to have a new owner: Sources : Cricketnext
CNN-IBN has also learnt that the base price for the franchise could be fixed between Rs 550 and 700 crore.
Deccan Chargers set to have a new owner: Sources : Cricketnext
India Cricket News: Deccan Chargers franchise up for sale | ESPN Cricinfo
Deccan Chargers, the Hyderabad-based IPL franchise, has been officially put up for sale by its owners Deccan Chronicle Holdings Limited. The sale, announced in a newspaper advertisement on Thursday, will be through a bidding process that will be completed on September 13, with the winning bid announced on the same day.
Deccan Chargers, the Hyderabad-based IPL franchise, has been officially put up for sale by its owners Deccan Chronicle Holdings Limited. The sale, announced in a newspaper advertisement on Thursday, will be through a bidding process that will be completed on September 13, with the winning bid announced on the same day.
Videocon keen to buy Deccan Chargers : Cricketnext
Indian electronics company Videocon is reportedly keen to buy Indian Premier League team Deccan Chargers after the owners invited bids to buy out the cash-strapped outfit.
The Times of India newspaper Friday quoted Videocon Group's chairman Venugopal Dhoot as saying the team was "a good fit" for their brand and would be used to connect to consumers.
Videocon had previously bid for the Pune franchise in IPL auctions in 2010 but lost to the Sahara Group which bid $370 million for what is the most expensive IPL team tol date.
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 but may go for a lesser amount due to a distress sale.
Indian electronics company Videocon is reportedly keen to buy Indian Premier League team Deccan Chargers after the owners invited bids to buy out the cash-strapped outfit.
The Times of India newspaper Friday quoted Videocon Group's chairman Venugopal Dhoot as saying the team was "a good fit" for their brand and would be used to connect to consumers.
Videocon had previously bid for the Pune franchise in IPL auctions in 2010 but lost to the Sahara Group which bid $370 million for what is the most expensive IPL team tol date.
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 but may go for a lesser amount due to a distress sale.
