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Saturday, 13 October 2012

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Deccan Chargers' owners agree to sale

The owners of troubled Indian Premier League team Deccan Chargers announced Friday that they have agreed to sell the franchise to a real estate company, pulling the side back from the brink.

Deccan Chronicle Holdings has authorised its board of directors "to sell, transfer/dispose of" the franchise to Mumbai-based Kamla Landmarc, the company said in a letter to the Bombay Stock Exchange. The decision is subject to approval by its shareholders, it added. Deccan Chronicle did not reveal how much the deal was worth but the Daily News & Analysis newspaper put the figure at around $190 million.

Kamla Landmarc, which has commercial and residential properties in suburban Mumbai, is promoted by businessman Ramesh Jain.

AFP

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