Deccan Chargers owner looking to sell franchise

Deccan Chronicle Holdings Limited (DCHL), the owner of the IPL team Deccan Chargers, is in advanced talks to sell the franchise, its chairman T Venkatram Reddy has said. The group has been forced to consider selling the team to raise funds to help it tide over a liquidity crisis brought on by a poor expansion strategy. "We will sell our cricket team Deccan Chargers, which will sort out most ofthe immediate requirements," Reddy told the Economic Times in an interview. "We are at an advanced stage of negotiations to sell DeccanChargers. And then the company will be back in action. The newspaper business will not be sold." The group reportedly needs an infusion of about Rs 500 crore (US$90 million approx.) to get through the current crisis.