Deccan Chargers mortgaged against IPL rules

PTI

New Delhi, 14 Aug 2012: The IPL Governing Council today gave  14 days  time to Deccan Chargers to set their house in order after the BCCI learnt that the Hyderabad-based franchise has mortgaged their team to some banks to deal with their present crisis.

 

"The governing council today heard both sides--the franchise owners as well as representatives of the banks. We have given Deccan Chargers, 14 days time to sort out the mess and get back to us.

 

"If the issues are not sorted out within the next fortnight, we will decide on further course of action," a Governing Council member told PTI on condition of anonymity.

 

The Governing Council discussed the issue after two banks, which had given loans on the mortgage of the IPL team, had taken it up seeking relief.

 

T Venkkattram Reddy, owners of the IPL franchise, declined to comment when reporters sought his reaction.

 

The member said "Let us put this on record. The BCCI never allows any of the owners of the franchise to mortgage their teams in order to raise funds from various financial instituitions.

 

As far as the IPL constituition is concerned, it is strictly prohibited."

 

According to IPL sources, the Chargers have taken loans from the banks by mortgaging their IPL franchise.