BCCI to announce new IPL team owner today

Earlier, Bombay High Court quashed an Arbitrator s order for status quo on BCCI s decision to terminate Deccan Chargers in the case between Deccan Chronicle Holdings Ltd. (DHCL) and the Board of Control for Cricket in India (BCCI) AFP

Mumbai: Oct 25, 2012

The Board of Control for Cricket in India s deadline for new bids for those who wants to acquire Deccan Chargers expires on Thursday noon.

However the big question remains whether there are enough companied, showing interest in the new Indian Premier League (IPL) side.

PVP Ventures, a city-based multi business house which has interest in realty, media and entertainment, said that it would throw its hat in the upcoming bidding for a new Indian Premier League franchise.

Prasad V Potluri, Chairman and Managing Director of PVP Ventures Ltd., said his company will have a disciplined approach as far as bidding amount is concerned.

“We are going to bid and we would like to have Hyderabad as base. I believe we have reasonable understanding of the franchise and its operations. It is synergic to our existing business. It is logical expansion of entertainment,” Potluri told PTI.

According to NDTV reports, Noida s Jaypee group has also shown interest and it has been learnt that they have picked up bidding papers. Jaypee is said to be using the Green park stadium in Kanpur till the Noida stadium is ready.

However, after recent fiascos, BCCI has tightened contract clauses.

The new guidelines are as follows:

1. During the submission of bids, Rs. 20 crore performance deposits have to be made.

2. Bidders forfeit that deposit if they fail to provide annual bank guarantee.

3. BCCI can terminate franchise if they don’t pay players or change ownership structure without informing BCCI.