Thursday, October 25, 2012

Sun TV Kalanithi Maran buys Hyderabad IPL franchise Deccan Chargers

Chennai-based Sun TV Network won the Hyderabad franchise of the Indian Premier League - Deccan Chargers - for an amount of Rs 85.05 crores per year. The IPL Governing Council met here today to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount and has put an end to the process of finding a new team in the wake of the controversial termination of cash-strapped Deccan Chargers.

In a press release BCCI Secretary Sanjay Jagdale said "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".

The Kalanidhi Maran-promoted media group SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores. The franchise ownership contract will be for 10 years.

The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers' contract on September 15 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. Later, an arbitrator had ordered for status quo but the High Court again ruled in favour of the Board.

DCHL then approached the Supreme Court which, however, declined on October 19 to interfere with the High Court decision which had set aside the status quo order passed by the arbitrator.


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