New Delhi: The IPL Governing Council, on Tuesday, gave 14 days to Deccan Chargers to set their house in order after the BCCI learnt that the Hyderabad-based franchise has mortgaged their team to some banks to deal with their present crisis.
“The governing council today heard both sides–the franchise owners as well as representatives of the banks. We have given Deccan Chargers, 14 days time to sort out the mess and get back to us.
“If the issues are not sorted out within the next fortnight, we will decide on further course of action,” a Governing Council member said on condition of anonymity.
The GC discussed the issue after two banks, which had given loans on the mortgage of the IPL team, had sought relief.
T Venkkattram Reddy, owners of the IPL franchise, declined to comment when asked for his reaction.
The member said “Let us put this on record. The BCCI never allows any of the owners of the franchise to mortgage their teams in order to raise funds from various financial instituitions. As far as the IPL constituition is concerned, it is strictly prohibited.”
According to sources, the Chargers have taken bank loans by mortgaging their franchise. (PTI)
