Deccan Chronicle Holdings, who paid $107 million for the franchise in 2008, informed the Indian stock exchanges on Friday of their decision to sell the team to Kamla Landmarc, a Mumbai-based real estate company.
Last month, the owners had invited bids for the franchise after being granted approval by the Indian cricket board (BCCI) but rejected the sole offer of nine billion rupees ($162.4 million) for the 2009 IPL champions.
The BCCI later terminated the franchise for various defaults, including failure to pay overdue player fees, but the owners immediately issued a legal challenge against the expulsion, a case which is still ongoing.
Sri Lankan batsman Kumar Sangakkara captained the team in the 2012 edition of the lucrative IPL, heading a team which also included South Africa paceman Dale Steyn but failed to qualify for the playoffs.
Last year, the BCCI terminated the contract of the Kochi franchise for defaulting on payments while DLF, India's largest real estate firm, terminated the title sponsorship of the league in August ending a five-year association.
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