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BCCI terminates IPL franchise Deccan Chargers’ contract after team fails to submit 100 crore bank guarantee

Cricket Dude October 12, 2012 9







BCCI terminates IPL franchise Deccan Chargers' contract.

BCCI terminates IPL franchise Deccan Chargers’ contract.

The Board of Control for Cricket in India (BCCI) terminated the contract of the Indian Premier League (IPL) franchise Deccan Chargers on Friday evening after their failure to pay the stipulated bank guarantee of Rs. 100 crore.  The BCCI, in a statement late in the day, stated that concerns over players’ payments and a “sudden change of stance by the franchise” had precipitated the decision.

“BCCI was compelled to hold an emergency meeting of the IPL Governing Council late on Friday evening to discuss certain developments due to the Deccan Chargers’ defaults,” the official statement read.  “This evening, the BCCI received a lawyers’ notice invoking arbitration from the franchise, stating that it had not committed any breaches and even if such breaches were committed, the BCCI should not act to terminate the franchise till Yes Bank Ltd furnishes sufficient finance to cure the breaches.

“By this, Deccan Chronicle Holdings Ltd (DCHL) has clearly admitted its inability to cure its breaches within the time stipulated in the BCCI notice despite every bit of assistance from the BCCI. 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.  “Considering the stated position of the Deccan franchise to refuse to rectify the various defaults including payments to players, foreign Boards etc, as also the deleterious effect such conduct would have on the reputation of the IPL and the franchise itself, a decision was taken to forthwith terminate the Deccan Chargers franchise,” the statement said.  Earlier in the day, DCHL, owners of the Deccan Chargers franchiose, had informed that the team had been bought over by Kamla Landmarc Real Estate, a Mumbai-based real estate firm, for an undisclosed amount.


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