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BCCI terminates Deccan Chargers to float new team
BCCI has decided to terminate the Deccan Chargers’ franchise and will float a tender for a new IPL team that will be based in Hyderabad. Deccan Chargers Holdings Ltd. and private banks have rejected the single bid they received from PVP Ventures (INR9 billion) in an auction for the franchise. The board will now float a tender for a new team, one that is preferably based in Hyderabad. The new buyer will have to take on the Deccan Chargers’ players and settle the latter’s outstanding 2012 fees. Earlier, Videocon Industries and the Mumbai-based RN Sports Club were also interested in bidding for the team, but neither of them actually participated in the bidding.1
Deccan Chronicle's financial crisis poses hurdle for sports car racing league i1 Super Series
The financial crisis facing Deccan Chronicle poses a hurdle for the sports car racing league i1 Super Series, which was expected to take place early next year. Anjana Reddy, a member of the family that owns Deccan Chronicle, had committed an investment in Machdar MotorSports, the company that is to launch the nine city super sports car-racing series. However, she has backed due to the crisis, leaving the other investors to search for new financiers. Machdar is now holding talks with a few large corporate houses and reworking its entire business model for individual team owners to make the series a more viable business proposition.2
1 “BCCI terminates Deccan Chargers, to float new team,” The Times of India, 15 September 2012, via Factiva; “Videocon among suitors for IPL team Deccan Chargers,” Business Standard, 7 September 2012, via Factiva; “RN Sports Club willing to buy Deccan Chargers for INR11 billion,” Indiantelevision, 10 September 2012, via Factiva.
2“Deccan Chronicle's financial crisis poses hurdle for sports car racing league i1 Super Series,” The Economic Times, 10 September 2012, via Factiva, © 2012 The Times of India Group.