Sun TV buys Hyderabad IPL franchise for Rs 85.05 crores
The IPL Governing Council had earlier terminated the Hyderabad-based Deccan Chargers © AFP
Mumbai: Oct 25, 2012
Sun TV Network on Thursday won the Hyderabad franchise of the Indian Premier League (IPL) for an amount of Rs 85.05 crores per year, putting an end to the process of finding a new team in the wake of the controversial termination of cash-strapped Deccan Chargers.
The IPL Governing Council met at Mumbai on Thursday to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.
“SUN TV Network have won the Hyderabad Franchise for an amount of Rs 85.05 crores per year. This Franchise fee represents a premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008,” BCCI Secretary Sanjay Jagdale said in a release.
“The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores,” Jagdale said.
The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers’ contract on September 15 but the team owners DCHL had challenged it at the Bombay High Court.
The High Court had ruled in favour of the BCCI after Deccan Chargers Holdings Limited failed to furnish bank guarantee of Rs 100 crore before October 12 5pm deadline.
Later, an arbitrator had ordered for status quo but the High Court again ruled in favour of the Board.
DCHL then approached the Supreme Court which, however, declined on October 19 to interfere with the High Court decision which had set aside the status quo order passed by the arbitrator. (PTI)