The Board of Control for Cricket in India (BCCI) have confirmed that they terminated the 2009 IPL winners' contract during an emergency league governing council meeting in Chennai.

Deccan were put up for sale last week by cash-strapped Deccan Chronicle Holdings, but the lone bid from finance firm PVP Venture Capitalists was rejected as insufficient and unsuitable.

"The BCCI is completely justified in this action which was taken with careful deliberation and only due to the absolute inability of the franchise to effectively run the team," a BCCI read a statement.

"Deccan Chronicle Holdings Ltd has clearly admitted its inability to cure its breaches within the time stipulated in the BCCI notice despite every bit of assistance from the BCCI.

"Since the month of May, BCCI has received repeated assurances that the overdue player fees would be paid; all of these promises have been unfulfilled."