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Deccan Chargers Auction, BCCI Rejects Rs 900 Crore bid by PVP
Publish Date:Sep 13, 2012
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Deccan Chargers PVP Ventures: Deccan Chargers remained unsold in an auction on Thursday after the cricket board rejected an offer from the sole bidder PVP Ventures. The Board of Control for Cricket in India turned down an offer from PVP Ventures, whose business interests include finance, entertainment, real estate and power generation. The apparent reason for the rejection is that the lenders to Deccan Chronicle Holdings, which owns the Twenty20 cricket side, were not satisfied with the amount offered. It was not possible to immediately ascertain how much PVP Ventures bid.
Deccan Chronicle, which owes some Rs 5,000 crore to lenders, put the Hyderabad-based team on the block to stave off bankruptcy. It has defaulted on loans, had its rating downgraded to junk status and its accounts are being forensically audited to check for potential wrongdoing.
http://www.teluguone.com/news/content/-ipl-deccan-chargers-20-17363.html
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