Sun TV buys Hyderabad IPL franchise

Last Updated: Thu, Oct 25, 2012 09:07 hrs

Chennai based Sun TV Network on Thursday won the Hyderabad Indian Premier League (IPL) franchise for an amount of Rs. 85.05 crores per year to replace Deccan Chargers team.

The IPL Governing Council met on Thursday in Mumbai to open the bids for a new IPL franchise.

Board of Control for Cricket in India (BCCI) honorary secretary Sanjay Jagdale said in a statement: "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."

"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs. 69.03 crores," Jagdale said.

Earlier on Friday, the Supreme Court dismissed the plea of the cash-strapped IPL team Deccan Chargers to extend the time of paying the bank guarantee of Rs 100 crore to the BCCI.

"The Hon'ble Supreme Court has dismissed the SLP filed by DCHL against the order of 18 October 2012 given by the Hon'ble Bombay High Court which set aside the status quo order of the Learned Arbitrator," said Jagdale in a statement.

"Hence the termination of Deccan Chargers remains undisturbed," he said.

Deccan Chargers owner Deccan Chronicle Holdings Ltd. (DCHL) could not meet the Bombay High Court´s condition of paying the bank guarantee of Rs 100 crore within the deadline of 5 pm on Oct 12.

The team lost its place in the cash rich IPL on Oct 13.

More from Sify: