Sun TV Network has won the Hyderabad franchise of the Indian Premier League for an amount of Rs 85.05 crores per year, putting an end to the process of finding a new team in the wake of the controversial termination of cash-strapped Deccan Chargers.
The IPL Governing Council met in Mumbai to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.
The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores.
The IPL Governing Council met in Mumbai to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.
The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores.
The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers' contract on 15th September but the team owners DCHL had challenged it at the Bombay High Court.The High Court had ruled in favour of the BCCI after Deccan Chargers Holdings Limited failed to furnish bank guarantee of Rs 100 crore before October 12 5pm deadline. DCHL then approached the Supreme Court which, however, declined on 19th October to interfere with the High Court decision which had set aside the status quo order passed by the arbitrator.
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