In June this year, the Deccan Chronicle group had appointed Religare Capital Markets Ltd to advise it on selling of Deccan Chargers following approach "by multiple parties evincing interest in acquiring stake in the company's IPL team".
However, according to investment banking sources, financial liabilities of the franchise owner pushed away the prospective buyers and the matter has been intimated to the cricket board.
"None of the investors were really interested to buy a team with financial liabilities. Now, the owners have intimated the BCCI about their inability to sell the team. The BCCI has reportedly told them that they would now auction the team," a reliable source in investment banking sector informed.
The formal announcement will come within a few days but BCCI is likely to get a suitable replacement as many business houses are interested in buying a team.
"Obviously, for a new investor, the advantage will be that he would get a set team and also can buy a few more players. The BCCI will encash the bank guarantee and pay the salaries of the players," the Board official said.
The Deccan Chronicle group had acquired the franchise for $ 107 million (approximately Rs. 588 crore) in 2008.