Deccan Chargers in search of a buyer

By Sumantha Rathore , afaqs!, New Delhi | In Media Publishing | November 27, 2008
Deccan Chronicle the owner of the Indian Premier League team, Deccan Chargers, is looking to sell its stake in the franchise

The & #BANNER1 & # star studded Indian Premier League (IPL) team, Deccan Chargers, owned by Deccan Chronicle Holdings Ltd (DHCL) is on the lookout for a buyer for its franchise.

It is not clear whether Deccan Chronicle will divest its stake in the franchise fully or partly.

Speaking to afaqs!, PK Iyer, managing director, DCHL, says only, "Yes, we are looking out for buyers for our IPL franchise, Deccan Chargers, but nothing has been finalised so far."

Without revealing who are interested in acquiring the stake it is trying to sell, Iyer says that KPMG, the consultancy firm that is working with the DCHL on the deal, is talking to many parties, but nothing has been finalised yet. KMPG also refuses to divulge the list of prospective buyers.

However, afaqs! has learnt that Vikas Rambal, an NRI and the owner of Rambal Warriors, a Champions League team, is one of those interested in buying the franchise. Rambal tells afaqs!, "Well, we do want to have a stake in one of the IPL franchises and Deccan Chargers is just one of the options we are exploring at the moment."

Rambal asserts that the possibility of being a part of the upcoming IPL season is definitely very high.

Tapas Mishra, legal advisor of the Rambal Group, says, "We are in the process of making a bid for the Deccan Chargers, but the pricing has not been addressed at this point of time."

Iyer says it would be premature to say anything about the expected price because the final decision will be taken based on the quotations they will receive from the various interested parties.

The possibility of a change of stakeholder is not holding back the IPL franchise from going in for a makeover. A complete rebranding exercise is being chalked out for the team.

Tim Wright, chief executive, Deccan Chargers, informs afaqs!, "Deccan Chargers has undergone a complete rebranding exercise with Navyblue, a leading design agency in London. The new logo and branding will be launched soon, and our merchandising and sponsorship initiatives will be announced in some time."

According to media reports, the DCHL has to pay the Board of Cricket Control in India $107 million in instalments over 10 years to acquire the team. An additional $5.88 million was spent in acquiring 11 domestic and international players.

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