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

Michael DiLollo

CAL doesn’t need bailout yet -Chief Executive

(Trinidad Guardian) CAL doesn’t need a bailout just yet. That’s the declaration of its chief executive, Michael DiLollo. He said the airline had benefitted from extremely patient shareholders for years and believed the airline was strategically positioned to break even in three years.

Anil Nandlall

Nandlall says arrest of ex-guard appears as much ado about nothing

Former Attorney General Anil Nandlall says the arrest of his ex-security guard in the investigation into the murder of Courtney Crum-Ewing appears as much ado about nothing.

President David Granger and Trinidadian Prime Minister Kamla Persad-Bissessar (Photo via GINA)

T&T in full support of Guyana over Caracas decree -Persad-Bissessar

Prime Minister of Trinidad and Tobago, Kamla Persad-Bissessar says her country is in full support of Guyana as it relates to recent decree made by Venezuelan President Nicolas Maduro over most of Guyana’s exclusive economic zone, GINA reported this afternoon.

default placeholder

U.N. lifts Syria death toll to “truly shocking” 60,000

AMMAN/GENEVA,  (Reuters) – More than 60,000 people have died in Syria’s uprising and civil war, the United Nations said today, dramatically raising the death toll in a struggle that shows no sign of ending.

default placeholder

Dancehall’s angry nature hurting acceptance, says Beres

(Jamaica Observer) KINGSTON, Jamaica – Beres Hammond has made a career singing ballads like One Step Ahead and Come Back Home, positive songs that have made him one of reggae’s great hit makers.

default placeholder

Property company takes bigger stake in Jamaica Marriott project

(Jamaica Gleaner) Property company Pan-Jamaican Investment Trust has increased its stake in the proposed US$23 million (J$2b) Courtyard by Marriott hotel project from one-quarter to more than one-third in the wake of the exit of an unnamed fourth investor.

Comments

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.

Stay updated! Follow Stabroek News on Facebook or Twitter.

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