IPL's Deccan Chargers cricket team fails to find buyer

Deccan Chargers beat Bangalore to win IPL in 2009
Image caption The team won the championship in 2009

The troubled Indian Premier League (IPL) cricket team Deccan Chargers has failed to find a buyer after it rejected the only bid it received, Indian cricket board officials say.

The team, which won the championship in 2009, received a bid for $164m (£101m) from a private company on Thursday.

But the owners found the price and terms "unsuitable", a senior Indian cricket official said.

The IPL is considered to be the world's showcase for Twenty20 cricket.

Top Indian and international players take part, contributing to what is the world's richest cricket tournament.

Last week a newspaper advertisement put out by Deccan Chronicle Holdings Limited (DCHL), the owner of Deccan Chargers, said bids would be invited and the new owner announced on 13 September.

The chairman of DCHL said in an interview earlier this month that he was keen on selling the team to tide over a financial crisis.

But on Thursday, the owners received only one bid from Hyderabad-based infrastructure and move financing company PVP Ventures Limited.

"The price and terms of payments were not acceptable to Deccan Chargers," Indian cricket board chief N Srinivasan said.

It is not clear what will happen to the team now.

After winning the championship in 2009, Deccan Charges have performed erratically - the team finished eighth among nine teams last season.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites