Hyderabad -based Indian Premier League (IPL) franchise, Deccan Chargers has claimed that it has found a buyer for the financially troubled team. However, officials say that it might be too late as the team has already ceased to exist legally.

The team was unable to submit the required bank guarantee of Rs100 crore to the Board of Control for Cricket in India (BCCI) by Friday, which legally enforced the termination of the team through an order on 14. However, on Friday night, a team official claimed that they have obtained a arbitrator and the tema will remain until October 17.

It is believed that the officials at the BCCI are not much happy about the extension of the deadline for the team to fulfill its obligation to the board. They said that the team has not been able to provide the bank guarantee and did not clear player salaries even after applying for an extension. It indicated that the next step from the board will be announced to eh media soon.

Many believe that the BCCI will hold auction for a new team soon as it seeks to avoid losses due to the absence of the ninth team from the tournament. The team has claimed that the franchise has been sold to Kamla Landmarc Real Estate Holdings Pvt Limited for Rs1100 crore.