Deccan Chronicle Holdings reject bid for Deccan Chargers

The Indian Premier League (IPL) team Deccan Chargers owned by Deccan Chronicle Holdings Ltd. (DCHL) remained unsold Thursday after the sole bid from PVP Ventures was rejected on the basis of the payment terms offered by them.

The Indian cricket board announced that the offer given the bidders was not acceptable to DCHL.
"The bid that was received by DCHL met the BCCI's eligibility and suitability criteria," said a BCCI press release.
"The bid was then reviewed by DCHL who, in its discretion and with no role being played by BCCI, rejected the bid on the basis of the payment terms offered by the bidder," the press release said
The Hyderabad-based team said: "Price and terms are not acceptable."
The final decision now will be taken Sep 15.
PVP Ventures is owned by film producer PV Prasad.
DCHL, which has defaulted on loans and owes lenders approximately Rs.5,000 crore, is selling the team in order to avoid bankruptcy.
The new buyer may have to pay the salaries of the players for the fifth edition of the IPL.

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-PTI