Deccan Chronicle to sell IPL franchise Deccan Chargers: Chairman

Updated: Aug 31, 2012, 15:10 PM IST

Zeenews Sports Bureau

New Delhi: Deccan Chronicle Holdings will sell off their Indian Premier League team Deccan Chargers.

The chairman of the group TV Reddy told Economic Times that they were in talks with some business houses to sell their IPL team which would in a way bail them out of the deep financial crisis they are presently in.

“We will sell our cricket team Deccan Chargers, which will sort out most of the immediate requirements. We are at an advanced stage of negotiations for selling Deccan Chargers. And then the company will be back in action. The newspaper business will not be sold,” Reddy was quoted as saying.

Earlier, there were reports that they would sell the Deccan Chargers team but the company had vehemently rejected those reports.

This is the first time that they came out in open to accept their financial crisis which has led them thinking about selling the IPL team.

Deccan Chargers started of the IPL journey pretty badly, finishing last in the inaugural edition of the IPL in 2008 but they won the title in the very next year. However, they have not done well since then.