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 on 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 resulted in the termination of its contract. After the DCHL contract was annulled, the IPL invited bids for new franchises in respect of Ahmedabad, Cuttack, Dharamsala, Indore, Hyderabad, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Visakhapatnam.
