The company will have to pay IPL Rs 85.05 crore per year, for the next five years. The erstwhile owners for the franchise, Deccan Chronicle Holdings Ltd (DCHL), lost the rights recently.
Sun TV Network has won the bid for Hyderabad franchise. The media company will have to pay IPL Rs 85.05 crore per year for the next five years. Sun TV Network won the bid against PVP Ventures, who bid for Rs 69.03 crore per year.
Sanjay Jagdale, secretary, BCCI, in an official release, says, "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 100 per cent above the amount paid by DCHL for the Hyderabad Franchise in 2008."
The IPL Governing Council met in Mumbai today to open the bids for the new IPL franchise after the cash stripped DCHL was terminated when it failed to find new buyers.
Interestingly, the Board has also added a new clause in the contract whereby it holds the right to terminate the contract of the franchise if a situation occurs where the franchise fails to pay its players.
The bids for the new franchise had been invited by the BCCI from 12 cities that included Noida, Cuttack, Kochi, Indore, Ahmedabad, Ranchi and Visakhapatnam.
Sun TV is owned and run by Kalanidhi Maran, the nephew of DMK chief M Karunanidhi.