The Deccan Chronicle Holdings Limited (DCHL) on Thursday issued a tender notice inviting bids from prospective buyers for its IPL franchisee Deccan Chargers, which is currently in a financial mess.
The Indian cricket board's (BCCI) working committee on Monday 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".
The term "as is where is" means that the new buyer will have to use the name Deccan Chargers and will have to clear the liabilities of the current owner.
The invitation to tender and the bid document can be acquired from the BCCI office in Mumbai from September 7 upon a payment of Rs. 5 lakh by demand draft or pay order favouring DCHL.
According to the IPL constitution, 5% of the bidding amount will be acquired by the BCCI.
The last day for submitting the bid will be 12 noon on September 13 and the winning bid will be announced on the same day.
The new potential buyer may have to pay the salary of the Deccan Chargers' players for the fifth edition of the IPL.
The move will also help consortium of banks, which had loaned out significant amount to DCHL, to recover their money since the name of the team will remain Deccan Chargers.
Earlier in June, DCHL had appointed investment banking institution, Religare to find a potential buyer but they were unable to find one, who would readily buy the team with its financial liabilities.