MUMBAI: Worried about the implications of the financial mess at Deccan Chronicle Holdings and its bearings on the IPL franchise Deccan Chargers, the IPL Governing Council (GC) has given the franchise owners 14 days to sort out the matter.

The IPL GC had called for a meeting in New Delhi to discuss the issue after learning that the owners who run Deccan Chronicle newspaper have mortgaged the franchise to some banks in order to tide over the liquidity crunch that has hit the company.

According to IPL rules, team owners are prohibited from mortgaging their teams as it has the potential to put it in a jeopardy which will also have an impact on the IPL.

"The governing council today heard both sides--the franchise owners as well as representatives of the banks. We have given Deccan Chargers, 14 days time to sort out the mess and get back to us," an IPL GC member said after the meeting.

"If the issues are not sorted out within the next fortnight, we will decide on further course of action," he added.

The owners of Deccan Chargers are planning to sell the IPL team to raise cash to fund their debt. Religare Capital Markets has been mandated to find a new buyer for the team.

The gravity of the situation can be gauged from the fact that the DCHL promoters have pledged their entire holding to ICICI Bank, Future Capital Holdings (Kishore Biyani has since taken the liability), and Religare FinVest.

MUMBAI: Faced with liquidity crunch, the owners of Royal Challengers Bangalore and Deccan Chargers have defaulted on salary to players.

Incidentally, the two teams have been put on the block by their owners Vijay Mallya-owned UB Group and Reddy family owned Deccan Chronicle Holdings, which publishes Deccan Chronicle.

According to reports, South African players like Dale Steyn, JP Duminy and Juan Theron are yet to get full fees and only received part payment. All the three players belong to Deccan Chargers.

RCB?s foreign players like captain Daniel Vettori, AB de Villiers and all-rounder Andrew McDonald are believed to have not been paid, along with some members of the support staff.

The domestic Indian players of both Deccan Chargers and Royal Challengers Bangalore are also bearing the brunt.

"Nobody has come back to us, to let us know what is going on. The people, at the moment, are in the dark," a player had been quoted as saying.

According to the agreement signed between the player, the franchise and the IPL, the player receives 15 per cent of his fee for the season by 1 April (before the IPL or early into it), 50 per cent by 1 May (during the IPL or towards its end), 20 per cent after the Champions League T20 and the remaining 15 per cent by 1 December.

MUMBAI: The London High Court has directed Deccan Chargers to pay damages of ?10.53 million plus legal costs to its former CEO Tim Wright for breach of contract.

Wright had, in 2009, moved London High Court alleging that Deccan Chargers Sporting Ventures, the parent company of Deccan Chargers, had dismissed him unfairly thereby breaching employment contract.

Chargers had challenged the jurisdiction of the English Court, an argument which was rejected by the London High Court twice.

The Judge found that Deccan Chargers had committed a number of clear, material breaches of their obligations under Wright?s employment contract, including by failing to provide his full salary, benefits and pension entitlements, failing to appoint him to the Board of Directors and failing to transfer to him an agreed equity share in the company.

Wright?s victory represents the culmination of three years of litigation.

Tim Wright commented, "Today?s judgment is vindication of my decision not to be cowed by the bullying of a large corporation. I am grateful to His Honour Judge Seymour QC for his judgment today."

MUMBAI: The IPL is proving to be very lucrative for some players. Last night Kevin Pietersen joined Delhi Daredevils for a reported $2 million.

Pietersen made $1.5 million when he debited in the IPL for Royal Challengers Bangalore in 2009. But when the auction was done last year, he joined the Deccan Chargers for $650,000.

Pietersen said, ?I am looking forward to a wonderful time with the Delhi Daredevils. It will be a great experience to be playing in the same squad as Sehwag."

Pietersen will earn all the money if he plays in the full competition.

GMR Sports head cricket TA Sekar said: "Kevin?s addition would strengthen the Delhi Daredevils squad this season. We are pleased to add Kevin to our line-up. He brings rich experience and an explosive quality to our batting and can be a more than a handy off-spinner as well. We are sure that Kevin will help us to be very competitive this season and the Delhi Daredevils fans will enjoy this addition."