After a month long legal battle, the cash-strapped
Deccan Chargers has lost its status as an IPL team after the Bombay High Court stayed the order of arbitrator for maintaining status quo on the matter till further hearing.
The beleaguered owners of Deccan Chargers had on Friday failed to produce Rs 100-crore bank guarantee before the Bombay High Court, a condition that had been set for the struggling team's survival in the league. They later approached the Court-appointed Arbitrator who had passed the order of status quo.
"BCCI moved an appeal against the Order of Arbitrator and the same was heard on Saturday morning. The High Court was pleased to stay the Order of Arbitrator after hearing both the parties," the
BCCI said in a statement.
"Thus, the termination of Deccan Chargers franchise stands", the BCCI said, ending the uncertainty on the fate of the team which has run into huge financial problems.
Deccan Chronicle Holdings Limited's failure to furnish the guarantee money before the 5 pm deadline on Friday effectively meant that the BCCI's termination of the team stood and the Board was free to float the tender for a new franchise. But the Arbitrator's order prevented BCCI from going ahead with its termination process.
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