IPL team Deccan Chargers accused of squandering Rs 5000 crore

Deccan Chronicle Holdings Limited had issued a tender notice inviting bids from prospective buyers for its IPL franchisee Deccan Chargers AFP

By CricketCountry Staff

New Delhi: Sep 10, 2012

A group of lenders have alleged that T Venkattram Reddy s Deccan Chronicle Holdings Limited (DCHL) has squandered away about Rs 5,000 crore in just 15 months.

According to a report in Zeenews.com, the lenders have also questioned the intentions of the Hyderabad-based listed media company, which is now on the verge of losing its control over IPL team Deccan Chargers.

“We are seized of the matter. We are looking into it,” said Corporate Affairs Minister Veerappa Moily.

Earlier, the DCHL had issued a tender notice inviting bids from prospective buyers for its IPL franchisee, which is currently in a financial mess.

The BCCI working committee had decided to allow DCHL to go ahead and issue tender notice in the leading national dailies.

According to the tender notice, “under this invitation to tender issued by DCHL, the winning bidder will acquire from the DCHL on an “as is where is” basis the right to own and operate the IPL team currently known as Deccan Chargers, which is and will continue to be based in Hyderabad and which competes in the Indian Premier League and which has the opportunity (if applicable and subject to qualification) to compete in each and any CLT20 which is staged from 2013 onwards”.