Sun TV wins Hyderabad IPL Franchise for 85.05-crore rupees per year
The south Indian television channel Sun TV’s bid was “substantially higher” than the second bid from PVP Ventures. PVP, which owns a multitude of business in the fields of real estate, media and entertainment, put in a bid for the Hyderabad IPL franchise for 69.03-crore rupees.
The Chennai-based television network’s bid for the IPL franchise comes a month after the BCCI terminated the contract of Indian Premier League franchise -- Deccan Chargers – after its holding company Deccan Chronicle Holdings Ltd. (DCHL), violated BCCI codes.
Following its termination, the Deccan Chargers team was put up for sale but failed to find a buyer.
Sun TV Network’s franchise fee represents a “premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008,” said BCCI secretary Sanjay Jagdale.
The media network is a public company and Kalanidhi Maran is its chairman and managing director. The company's revenue for 2011 was reported to be more than 22,000-crore rupees (£2.6bn).
The news of Sun TV’s win was announced after the IPL governing body met on Thursday, October 25 in Mumbai to open the bids for the new franchise. The name of the franchise has not been decided yet.
