Deccan Chronicle Holdings Limited (DCHL), owners of Deccan Chargers who won the second edition of the Indian Premier League in 2009 have won an arbitration decision that could cost the Indian cricket board Rs 4800 crore.
Deccan Charges who were one among the 8 teams since the inaugural of IPL were terminated in 2012 by written notice from BCCI after the franchise failed to submit a bank guarantee of R100 crore. BCCI also charged them with failing to clear players’ dues and sold the Hyderabad franchise to Sunrisers Hyderabad for R425 crore (R85 crore a year) through an auction.
DCHL then approached the Bombay High Court claiming that the termination was arbitrary and now the judges have upheld the termination to be illegal and ordered BCCI to grant the damage amount. BCCI can challenge the arbitrator’s order before the Bombay High Court or pay the termination amount.