The Chennai-based Sun TV Network has bought the Hyderabad franchise of
the Indian Premier League, which fell vacant after the Board of Control
for Cricket in India (BCCI) dropped Deccan Chargers this month for its
failure to give a bank guarantee and other issues.
Sun TV Network bagged the franchise for Rs. 85.05 crore a year, to be
paid for the next five years.
PVP Ventures, Hyderabad, made the second
highest bid of Rs. 69.03 crore.
Four parties had bought the tender documents, which were opened at a meeting of the IPL Government Council held on Thursday.
The new owner will be given an opportunity to form a team and compete in the IPL from 2013, and in the Champions League.
Deccan Chronicle Holdings Limited (DCHL) had bought the franchise in
2008, paying up Rs. 428 crore. Its inability to give a Rs. 100-crore
bank guarantee and other issues resulted in the termination of its
contract.
The DCHL had rejected a Rs. 900-crore offer from PVP Ventures, the only
bid received at the Chennai auction held in September. With the matter
in court, the DCHL announced in October that Kamala Landmarc Real Estate
Holdings Private Limited bought the franchise for an undisclosed
amount.
After the DCHL contract was annulled, the IPL invited bids for new
franchise in respect of Ahmedabad, Cuttack, Dharamsala, Indore,
Hyderabad, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and
Visakhapatnam.