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Deccan Chargers Done

Oct 12, 2012, 12:19 PM EDT
Deccan Chargers batsman Shikhar Dhawan is bowled out during an Indian Premier League Twenty20 on May 20, 2012. The team is to be disbanded after its owners, the heavily indebted Deccan Chronicle Holdings failed Friday to meet a court-imposed deadline to to fullfil financial guarantees to the league.
AFP/Getty Images/NOAH SEELAM

The heavily indebted owners of the Indian Premier League cricket franchise failed to meet a court-imposed deadline to fulfill financial guarantees to the league, so the team will be disbanded. The court rejected Deccan Chronicle Holdings request for an extension of time to furnish a ₹100 crore ($19 million) bank guarantee. The company had said in a stock market regulatory filing earlier in the day that it had found a buyer for the Hyderabad-based team in Kamla Landmarc Real Estate, a Mumbai real estate firm.