Deccan Chargers' contract with IPL terminated

The Board of Control for Cricket in India (BCCI) on Friday night terminated the contract of Deccan Chargers, bringing an end to the suspense on the fate of the beleaguered franchise.

The decision to terminate Deccan's contract was taken at an emergency governing council meeting of the IPL in Chennai.

BCCI President N Srinivasan took the final call to end Chargers' contract after discussing the issue with other members, a top BCCI official said.

BCCI's working committee will meet on Saturday to decide the future course of action.

The committee will decide whether to float a fresh tender for a new team or allow PVP Ventures, a Hyderabad-based urban infrastructure and film production company, whose Rs900 crore bid was rejected by Deccan at the auction on Thursday, to take the team.

Deccan Chronicle Holdings, the owner of Deccan Chargers, received a bid of Rs 900 crore by PVP Venture Capitals but surprisingly chose to reject it at the auction as it considered the price and terms unsuitable.