The Indian Cricket Board (BCCI) last month terminated the franchise for various defaults including failure to pay players on time, but the owners refused to accept the decision and issued a legal challenge, which the BCCI threw out.
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.
The sale only fuelled speculation in local media that the 2009 Indian Premier League (IPL) champions will be relocated to another state in the cricket-crazy country.
Deccan captain Sangakkara told Reuters in Singapore on Saturday that the team, which also boasts South African seamer Dale Steyn and Australian batsman Cameron White, were in the dark about their futures but was hopeful of a solution.
"Players have been paid and that's great. The franchise has ensured that they've always kept their word to the players and honoured all the contracts they have signed," said Sangakkara, who scored 1,444 runs in 14 tests from August 2011 to Aug this year.
"They are now in arbitration with BCCI, I believe, to try and come to an agreement and the BCCI has always been very good in problem solving during the IPL they've done a great job over five years.
"Deccan Chargers is a great franchise to play for, so we as players, we can't control those things, we just wait and see as to what will happen."
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