Latest Mumbai: Bankrupt IPL franchise Deccan Chargers has been sold to a Mumbai-based reality giants Kamla Landmarc Real Estate Holdings. According to the reports, Deccan Chronicle Holdings Limited (DCHL) who is the owner of this team Deccan Chargers sold its IPL team to Kamla Landmarc for undisclosed sum.
On October 1, Bombay High Court directed DCHL to submit a bank guarantee DCHL before October 9 which would be in force for a period of one year. On October 9, Bombay High Court gave a hope to Deccan Chargers owners to save their team by giving them three more days by giving an irrevocable and unconditional bank guarantee of Rs 100 crore to the Indian cricket board. But today DCHL failed to submit it and announced that Kamla Landmarc will be taking over the IPL team Deccan Chargers.
DCHL filed a petition against BCCI as they took a decision to cancel the contract of IPL team Deccan Chargers. In September this year, BCCI held a meeting of IPL’s governing committee which took the decision of terminating the contract of DCHL.