Banks working to bail out Deccan Chargers

Banks, including Yes Bank, are making an attempt to bail out the Deccan Chargers IPL team. Deccan Chronicle Holdings, the owners of the Hyderabad-based team, have reportedly mortgaged the team to a few banks in order to obtain loans. “There is a concerted effort by all banks to resolve the issue. A proposal has been shared with the Board of Cricket Council in India (BCCI),” said an Yes Bank official, on conditions of anonymity. It is not known whether the banks will pay the dues of the players, amounting to Rs 36 crore. Deccan Chargers was put on the block by Deccan Chronicle, which reportedly owes banks over Rs 5,000 crore. But the media company rejected the only bid (of Rs 900 crore) it received from PVP Ventures, citing payment issues. The BCCI is holding a working committee meeting in Chennai on Saturday.