New Delhi: Deccan Chronicle Holdings has reportedly sold its troubled Indian Premier League (IPL) franchise Deccan Chargers to a Mumbai-basaed real-estate company Kamla Landmarc, which is owned by Jitendra Jain. In a letter directed to the National Stock Exchange and Bombay Stock Exchange, Deccan said: "This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited."
But CNN-IBN's chief cricket correspondent Sanjeeb Mukherjea feels "technically" it's not possible for Deccan to sell its IPL franchise.
"Technially that is not possible. What I gather from my sources within the BCCI, indeed there was a proposal sent sometime late last night by the Deccan Chargers management to the BCCI, saying that they are found by someone by the name of Kamla Landmarc Enterprise. But the fact is that just sending a proposal to the BCCI does not mean that the team has been sold. The matter of fact is that they are right now at court, where they were supposed to be giving Rs. 100-crore irrevokable bank guarantee to surive in this particular season of the IPL. And from what we are being told by our court reporters, they have not been able to furnish the bank guarantee and the court is refusing to extend the deadline," Sanjeeb reported.
"If we go back, 10 days back, the court had ruled that Deccan have to give Rs. 100-crore guarantee. It had said that failing to give the guarantee would mean that BCCI's termination order of the Deccan Chargers will stay," he added.
"It is not really a catch-22 situation for the BCCI, but it remains to be seen whether they [BCCI] will accept the proposal of the Deccan Chargers and allow them to sell it off to Kamala Landmarc or they actually go ahead with their termination order and put out a tender for a new team."