The 'deadline': How it spanned out for Deccan Chargers
From the 2009 champions to now a thing of history, it's been quite a journey for the Deccan Chargers in the last five years in IPL. But nothing compares to what it went through in the last five months.
It was a much forgettable outing for the Hyderabad team in IPL this year. The 2009 champions finished at a lowly 8th, just a point ahead of the newbie Pune team. But, few would have predicted that the team itself soon become a thing of past within a few months' time.
Here's how things went from bad to worse for the Deccan Chargers.
May, 2013
With the IPL 5 over, it was time to make the payments to the players. But Deccan fail to do so. Pundits sense the trouble brewing within.
June
Speculations become rife that Deccan Chronicle Holdings Limited (DHCL), the owner of the team, may be looking to sell it.
July
The trouble only gets bigger for DC as former CEO Tim Wright, who left the franchise in 2009, wins a case of 'wrongful dismissal'. The London High Court rules that Wright is to be compensated with £ 10.5 million (over Rs 90 crore approx).
August
The Independence Day certainly doesn't bring good news for Deccan Chargers as BCCI gives them an ultimatum and two weeks- time to clear all dues to its players, something that they had failed to do for the past three months.
BCCI also questions DC on how it could mortgage the team ownership rights to two banks.
September
After the Board, Deccan now has to face an angry group of money lenders. With no solution in sight, DHCL is forced to put up the team for sale.
In the meantime, Tim Wright, who had won the case in London, registers a foreign decree here in India, so that the franchise is forced to cough up the money London High Court had directed.
BCCI comes into play and gives a go-ahead for an auction that fetches only one bid from film financing cum real estate company, PVP Ventures. But DCHL refuses the Chennai-based company's offer of Rs 900 crore as it finds it unsuitable.
After two weeks from the last date that BCCI had given DCHL to pay up its players' dues, the Board terminates the Deccan Chargers franchise of September 14. DHCL challenges BCCI in court on September 15.
October
The Bombay High Court rules that DCHL must immediately deposit the bank guarantee to stop termination from IPL.
On the 9th, the franchise requests for three more days to deposit Rs 100 crore of bank guarantee.
DCHL fails to give the bank guarantee. BCCI stands by the termination decision. The Board now has the power to invite fresh bids.
On October 13, DCHL manages to get a stay order on the termination from the arbitrator. BCCI seeks for an urgent ruling and the court dismisses the arbitrator's decision.
The very next day, BCCI floats a tender, seeking bidders for a new IPL team.
On October 18, the Bombay High Court overrides its arbitrator's decision of a status quo on the team's expulsion from the IPL.
On October 19, DCHL moves Supreme Court against Bombay High Court's ruling, asking for more time till October 25 to pay the guarantee. The plea was dismissed.
Deccan Chargers stand terminated from IPL, with its players and support staff standing in the dark - unsure from where their payments are going to come.