Kalanithi Maran owned Sun TV Network, have bought the IPL Hyderabad franchise for an amount of Rs 85.05 crore per year.
The IPL Governing Council met in Mumbai today (Oct 25) to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.
It was higher than PVP Ventures bid of Rs 69.03 crore a year.
It puts to an end to the process of finding a new team in the wake of the controversial termination of cash-strapped Hyderabad based Deccan Chargers.
BCCI secretary Sanjay Jagdale said in a press release: “Sun TV Network has won the Hyderabad franchise for an amount of Rs. 85.05 crore per year. This franchise fee represents a premium of over a 100% above the amount paid by DCHL for the Hyderabad Franchise in 2008.”
Sun TV is the market leader in south India, with 20 satellite TV channels and 48 FM radio stations; Sun TV has been named Asia’s most profitable media corporation as well as the largest TV network in Asia.