The Indian cricket board and owners of the terminated Indian Premier League (IPL) team Deccan Chargers agreed before the Bombay high court on Monday to go for arbitration to resolve their dispute.

The name of the arbitrator is likely to be finalised on Tuesday when the petition by the Deccan Chargers Holding Limited (DCHL) is taken up for further hearing.

The DCHL approached the court on September 15 seeking an order to restrain the BCCI after it served notice terminating the franchise agreement.

The BCCI counsel told the court that roughly Rs. 150 crore was needed annually to run an IPL team and DCHL's poor financial condition would make it difficult to run the team.

The DCHL counsel said that Yes Bank was willing to fund the team.