IPL franchisee Deccan Chargers sold to Mumbai-based real estate company Kamla Landmarc

Email this Gossip

Print

This comes as a major setback for IPL franchisee Deccan Charges’ fans, as the owners of the cash-strapped franchise has sold it to a little-known Mumbai-based real estate company Kamla Landmarc promoted by Ramesh Jain for an undisclosed sum.

On Friday, Deccan Chronicle Holdings, who paid $107 million for the franchise in 2008, informed the Indian stock exchanges of their decision to sell the team to Kamla Landmarc.

Last month, the owners had invited bids for the franchise after being granted approval by the Indian cricket board (BCCI) but rejected the sole offer of nine billion rupees ($162.4 million) for the 2009 IPL champions. Soon after that, BCCI terminated the franchise for various defaults but the owners immediately issued a legal challenge against the expulsion, a case which is still ongoing.

Sri Lankan batsman Kumar Sangakkara captained the team in the 2012 edition of the lucrative IPL, heading a team which also included South Africa paceman Dale Steyn but failed to qualify for the playoffs.