Cricket-Deccan Chargers reject sole takeover bid
Sept 13 (Reuters) - Owners of the cash-strapped Hyderabad franchise have rejected the one takeover bid they have received for the Indian Premier League (IPL) team, the country's cricket board (BCCI) said on Thursday.
Deccan Chronicle Holdings, which owns the Deccan Chargers, put the Twenty20 team up for sale last week after getting the nod from the cricket board.
"They informed us the price and terms were not suitable so they did not accept it," BCCI president N. Srinivasan told reporters in Chennai.
"The BCCI assisted the Deccan Chargers and we also looked at the eligibility criteria, whether they were fit and proper.
"We found the party was acceptable to us. After that, though, it was between Deccan Chargers and the bidder."
According to media reports PVP Ventures, a company which has interests in real estate and also finances film projects, submitted a bid of nine billion rupees ($162.4 million) to buy the troubled franchise.
Deccan Chronicle paid $107 million in 2008 to bag the franchise for 10 years.
The team finished last in the inaugural IPL but came back strongly to win the next edition in South Africa in 2009.
- Malaysia Airlines denies crash report, says plane still missing |
- UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws red line' on North Korea, says won't allow war on peninsula
- No signal picked up from missing Malaysia Airlines plane-Vietnam official
- Malaysian plane crashed off Vietnam coast: state media