Mumbai: After a month long legal battle, the cash-strapped Deccan Chargers today lost its status as an IPL team after the Bombay High Court stayed the order of Arbitrator for maintaining status quo on the matter till further hearing.
The beleaguered owners of Deccan Chargers had yesterday failed to produce a Rs 100-crore bank guarantee before the Bombay High Court, a condition that had been set for the struggling team's survival in the league. They later approached the Court-appointed Arbitrator who had passed the order of status quo.
"BCCI moved an appeal against the Order of Arbitrator and the same was heard today morning. The Hon’ble High Court was pleased to stay the Order of Arbitrator after hearing both the parties", the BCCI said in a statement.