Deccan Chronicle Holdings will reportedly sell its stock in their Indian Premier League franchise - Deccan Chargers - due to financial constraints.
NDTV has learnt that Deccan Chronicle has been in talks with major business houses to sell their stake in the franchise and it was confirmed by the group on Friday though reports regarding a possible sale were earlier rejected.
The franchise was finished the inaugural edition of IPL last but came back to win the title in 2009. The team was under Australia's Adam Gilchrist till he was sold to Kings XI Punjab and since has been under the leadership of Sri Lanka's Kumar Sangakkara.
Payments to several players however were delayed. The group, which bought the Deccan Chronicle team in January 2008, had mortgaged their team to two banks to raise funds for their other businesses. The Deccan Group needs about 400-500 crore to see off the crisis.
In an interview to Economic Times, chairman Tikkavarapu Venkattram Reddy admitted to the problem but said there has been no fraud. "The problems are because we have done short-term borrowings instead of long-term borrowings, and planning went a little wrong. We will sell our cricket team Deccan Chargers, which will sort out most of the immediate requirements," he said.
The Board of Control for Cricket in India (BCCI) has said last week that it would not hesitate to cancel the team.