Sun TV buys IPL Hyderabad franchise for Rs85.05 crore a year
25 Oct 2012
Sun TV Network has won the Hyderabad franchise of the Indian Premier League with a top bid valued at Rs85.05 crore per year.
The IPL governing council, which met in Hyderabad, to open the bids for the new IPL franchise, found Sun TV to have quoted the highest amount.
This puts an end to the process of BCCI finding a new team in place of the cash-strapped Deccan Chargers whose franchise was terminated.
"Sun TV Network has won the Hyderabad franchise for an amount of Rs85.05 crore per year. This franchise fee represents an over 100 per cent premium 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 Rs69.03 crore," Jagdale said.
BCCI had floated tenders for a new IPL franchise after the controversial termination of Deccan Chargers' contract on 15 September.