The cash strapped IPL franchisee Deccan Chargers today failed to submit an irrevocable and unconditional bank guarantee of 100 crore rupees to BCCI. With the deadline of furnishing the guarantee ending today, the BCCI is now free to implement its decision to terminate the franchise from the Indian Premier League.Meanwhile, earlier today, the Bombay High Court refused to advance the deadline given to the owners of Deccan Chargers, the Deccan Chronicle Holdings Limited – DCHL to submit the bank guarantee. The court also clarified that since DCHL has failed to furnish the bank guarantee, arbitration proceedings between BCCI and the company will stand terminated. Earlier today, there were also reports that DCHL has decided to sell the franchise to a Mumbai based real estate company, Kamla Landmarc for an undisclosed sum. But, now with the BCCI being free to terminate the franchise, the fate of the proposed sale is uncertain.