Mumbai, Oct 25 (IANS): Chennai-based SUN TV Network acquired the Indian Premier League (IPL) Hyderabad franchise on Thursday for a whopping Rs 85.05 crore per year, it was announced here.
The franchise has reportedly been acquired for the next five seasons, which makes the total winning bid Rs 425 crore.
The franchise, earlier owned by Deccan Chronicle Holdings Ltd (DCHL), was made defunct by the Board of Control for Cricket in India (BCCI) after the owners failed to produce a Rs 100-crore bank guarantee before the Bombay High Court, a condition that had been set for the struggling team's survival in the league.
The Deccan Chargers franchise's failure to furnish the guarantee money led BCCI to float a fresh tender for a new franchisee.
The IPL governing council met here on Thursday to open the bids for the new franchise, where the SUN TV Network's bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crore, according to a press statement released by BCCI secretary Sanjay Jagdale.
This franchise fee represents a premium of over 100 percent above the amount paid by DCHL in 2008.
Last month, PVP Ventures attempted to buy Deccan Chargers but the attempt was thwarted by DCHL.
The announcement makes SUN TV the ninth IPL franchiseee.
The SUN TV Network is a mass communications firm based in Chennai and headed by media baron Kalanidhi Maran.