New Delhi: After their miserable run in IPL 2012, the owners of Deccan Chargers are looking to sell all or part of the franchise and have appointed an investment banker to search for prospective buyers.

Deccan Chronicle Holdings Limited, the owner of the franchise are considering selling their stake and are looking for buyers for the same.

As per reports, Religare Capital Markets has been given the responsibility to find out a suitable buyer.

The franchise was bought by the Deccan Chronicle group for USD 107 million in the first IPL team auction in 2008, which was at that time the third-most expensive franchise, after Mumbai Indians and Royal Challengers Bangalore.

Deccan Chargers finished at the bottom of the list in the first season of IPL. They however bounced back and won the second season under the captaincy of Adam Gilchrist.

Led by Sri Lankan cricketer Kumar Sangakkara, the team finished second from bottom in spite of playing some competitive cricket in IPL 2012.