Mumbai: The Chennai-based Sun TV has won the bid for a new Hyderabad Indian Premier League team as a replacement for the Deccan Chargers. It bid to pay Rs 85.05 crore a year, for the right to own the Hyderabad team.
Only two teams finally bid to replace Hyderabad franchise owner Deccan Chronicle, which was forced to sell its team, the Deccan Chargers, after five seasons because of financial reasons. The Hyderabad-based PVP Ventures, the second bidder, offered Rs 69.03 crores a year. The reserve price set by the Board of Control for Cricket in India (BCCI) was Rs 60 crore.
"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," BCCI Secretary Sanjay Jagdale said in a release.