Real estate firm to buy IPL’s Deccan Chargers

MUMBAI,  (Reuters) – The owners of the cash-strapped Deccan Chargers have sold the Indian Premier League (IPL) franchise to a real estate company for an undisclosed sum.

Deccan Chronicle Holdings, who paid $107 million for the franchise in 2008, informed the Indian stock exchanges today of their decision to sell the team to Kamla Landmarc, a Mumbai-based real estate company.

Last month, the owners had invited bids for the franchise after being granted approval by the Indian cricket board (BCCI) but rejected the sole offer of nine billion rupees ($162.4 million) for the 2009 IPL champions.

The BCCI later terminated the franchise for various defaults, including failure to pay overdue player fees, but the owners immediately issued a legal challenge against the expulsion, a case which is still ongoing.

Sri Lankan batsman Kumar Sangakkara captained the team in the 2012 edition of the lucrative IPL, heading a team which also included South Africa paceman Dale Steyn but failed to qualify for the playoffs.

Last year, the BCCI terminated the contract of the Kochi franchise for defaulting on payments while DLF, India’s largest real estate firm, terminated the title sponsorship of the league in August ending a five-year association.

More in Archives


About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Back in court: In this Keno George composite photo, Barry Dataram (left) and his wife Anjanie Boodnarine at court yesterday to answer three charges including fleeing the jurisdiction.

    Dataram to serve eight years in jail after guilty plea to new charges

  2. Yansen Brusche

    Ulverston mom of four stabbed to death by children’s father

  3. Ameer Abdool Subrati

    Man dies after bandits target overseas-based couple at Herstelling

  4. US Ambassador Perry Holloway and Finance Minister Winston Jordan shake hands after the signing of the agreement yesterday.

    Guyana inks pact for reporting to IRS on holdings of US citizens

  5. Updated: Man dies after bandits attack overseas-based Guyanese at Herstelling

  6. Barry Dataram

    Datarams getaway passports had been issued to other people

  7. Dr. Prudence Lewis-Bhola

    Prudence Lewis-Bhola appointed as CEO of broadcasting authority

  8. Bharrat Jagdeo

    Crime has never been this bad – Jagdeo

  9. Cops grilling taxi driver after passenger robbed of $6M on seawall

Recommended For You