BCCI terminates contract with Deccan Chargers

Mumbai: The Board of Control for Cricket in India (BCCI) today announced that it had terminated it’s contract with the owners of Indian Premier League (IPL) team Deccan Chargers after the Bombay High court stayed the arbitrators order, granting more time to the owners of the team to pay bank guarantees. “BCCI moved an appeal against the Order of Arbitrator and the same was heard today morning. The Hon’ble High Court was pleased to stay the Order of Arbitrator after hearing both the parties,” the cricket body announced in a brief statement today. “Thus, the termination of DC Franchise stands,“the BCCI said. [caption id=“attachment_489617” align=“alignleft” width=“380”] Out of the IPL. AFP[/caption] The termination of the franchise comes a day after the arbitrator appointed by the high court gave the owners of the IPL team time till next week to pay the bank guarantees of Rs 100 crore to the cricketing board. The arbitrator’s order had come after the owners of the team had failed to pay the guarantees and the Bombay High court refused to grant them additional time to make the payments. The owners of the IPL team, Deccan Chronicle Holdings, had announced yesterday that they had found a buyer for the team in Mumbai-based realty firm Kamala Landmarc.The amount for which the team was to be sold was not disclosed. They had earlier rejected a reported Rs 900 crore bid from Andhra Pradesh-based PVP Ventures, that had been approved by the BCCI.