IPL's Deccan Chargers sold to Mumbai real estate firm

Deccan Chargers beat Bangalore to win IPL in 2009
Image caption The team won the championship in 2009

The troubled Indian Premier League (IPL) cricket team Deccan Chargers has been sold to a Mumbai-based real estate company for an undisclosed sum.

The Deccan Chronicle Holdings Limited said they decided to sell the Hyderabad-based franchise after their board of directors met on Thursday.

In September, the team had failed to find a buyer after it rejected the only bid it received.

Deccan Chargers had won the championship in 2009.

But since then, the team has performed erratically - it finished eighth among nine teams last season.

The owners had paid $107m (£67m) for the franchise in 2008.

On Friday, they informed the Indian stock exchanges of their decision to sell the team to the real-estate firm, Kamla Landmarc.

Last month, the Deccan Chargers was put on sale by its owners to tide over a financial crisis.

The IPL is considered to be the world's showcase for Twenty20 cricket.

Top Indian and international players take part, contributing to what is the world's richest cricket tournament.

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