Deccan Chargers have been given a 14-day lifeline to clear their position by the Indian Premier League Governing Council, which met in New Delhi on Tuesday to decide the fate of the beleaguered Hyderabad team.
The Chargers, who had been struggling for funds and were seeking to sell a part of the franchise, had borrowed from two private banks by mortgaging the team without informing the Board of Control for Cricket in India.
The upset board, seeking an explanation from the owners, had called the meeting.
The desperate owners were failing to meet expenses, and just like the Royal Challengers Bangalore, they had been defaulting on payments of salary to their players.
It has been learnt that like their foreign stars, even the Indian players in the Chargers squad have not been paid this year's fees.
Sources say the BCCI had to give the owners time to pay off the over Rs. 600 crore loan they had reportedly taken as the board will struggle to re-auction the franchise with the accompanying liability.
The BCCI doesn't allow the franchise owners to mortgage the teams in order to raise funds from financial institutions.
Another issue discussed by the GC was about giving Sahara Pune Warriors a discount.
The franchise have been asking for a discount in their annual fees as they got to play only 14 matches in their debut season (2011) and 16 in the second instead of the 18 they had paid for.
Due to the Kochi Tuskers Kerala's ouster from the IPL before the last season, each franchise was assured of 16 league games. The GC could not take any decision.