Deccan Chargers reject sole takeover bid

Members of the Deccan Chargers celebrate after being presented with the Indian Premier League (IPL) trophy by South Africa's President Jacob Zuma in Johannesburg May 24, 2009.

REUTERS - Owners of the cash-strapped Hyderabad franchise have rejected the one takeover bid they have received for the Indian Premier League (IPL) team, the Board of Control for Cricket in India (BCCI) said on Thursday.

Deccan Chronicle Holdings, which owns the Deccan Chargers, put the Twenty20 team up for sale last week after getting the nod from the cricket board.

"They informed us the price and terms were not suitable so they did not accept it," BCCI president N. Srinivasan told reporters in Chennai.

"The BCCI assisted the Deccan Chargers and we also looked at the eligibility criteria, whether they were fit and proper.

"We found the party was acceptable to us. After that, though, it was between Deccan Chargers and the bidder."

According to media reports PVP Ventures, a company which has interests in real estate and also finances film projects, submitted a bid of nine billion rupees to buy the troubled franchise.

Deccan Chronicle paid $107 million in 2008 to bag the franchise for 10 years.

The team finished last in the inaugural IPL but came back strongly to win the next edition in South Africa in 2009.

The Chargers were second last in the most recent IPL tournament that ended in May.

(Reporting by Sudipto Ganguly; editing by Tony Jimenez)