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Rediff News  All News  » Business » Deccan Chargers on the block

Deccan Chargers on the block

October 21, 2008 02:20 IST

Deccan Chronicle Group has put Deccan Chargers, the Hyderabad-based Indian Premier League (IPL) cricket team, on the block within 10 months of acquiring it.  

The group is reportedly looking to sell its 80 per cent stake in the team for between $175 million (Rs 840 crore) and $200 million (Rs 960 crore), a 65 to 85 per cent premium on the original price of $107 million (Rs 502 crore), highly-placed sources said.  

Deccan Chargers was the most expensive IPL team after Mumbai and Bangalore. Later, Group M, the leading advertising agency group, acquired 20 per cent in it, sources said. 

The team has stars like VVS Laxman, Adam Gilchrist and Andrew Symonds. The team spent over $5.88 million (Rs 28 crore) acquiring 11 players (both domestic and international). Australian all-rounder Andrew Symonds was one of the highest paid IPL players with a $1,350,000 fee, almost double that of Gilchrist and over four times of first captain Laxman's earnings. PK Iyer, managing director of Deccan Chronicle Holdings, declined to comment. "There is a lot of speculation floating in the market. I do not have any comment to make," Iyer said.

 This year, the team saw a change of guard with former Australian wicket keeper-batsman Adam Gilchrist taking over as captain.

 Deccan Chargers is the second IPL team hunting for investors. Rajasthan Royals, which represents Jaipur and won the maiden tournament, is also on the look-out.