Chargers' future uncertain after rejecting lone bid

Deccan Chronicle Holdings, the owner of Deccan Chargers, reportedly received a bid of Rs 900 crore from PVP Ventures Limited, a Hyderabad-based company engaged in urban infrastructure and financing movies, but surprisingly chose to reject it at the auction as it considered the price and terms unacceptable.

The BCCI has now been forced to take a decision on the fate of Chargers at its Working Committee meeting here on September 15.

"The price and terms of payments were not acceptable to Deccan Chargers. The BCCI assisted the Deccan Chargers and we also looked at the eligibility criteria, whether they are fit and proper.

"We found that the party was acceptable to us. After that it was between Deccan Chargers and the bidder, there the BCCI was not involved. But they informed us that the price and terms were not suitable, so they didn't accept it," BCCI President N Srinivasan told reporters.

Asked if a new tender will be floated since the lone bid has been rejected, Srinivasan said, "You have to ask Deccan Chargers, now it's upto them. The franchise is on (exist). The BCCI has issued a notice to the franchise to clear certain defects. We have given them some time, but that is between BCCI and the franchise."

Although there was no official word from either the BCCI or the franchise, it is learnt that the bankers played a significant role in rejecting the only bid.

The development, however, has not gone down well with the BCCI which was keen to resolve the issues surrounding the franchise early and there was a strong indication that Deccan Chargers' contract could be terminated. MORE