Thursday, October 25, 2012

Sun TV wins Hyderabad IPL franchise bid

MUMBAI, October 25, 2012





Sun TV Network on Thursday won the Hyderabad franchise of the Indian Premier League for Rs. 85.05 crore 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 on Thursday to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.



"Sun TV Network has won the Hyderabad franchise for an amount of Rs. 85.05 crore 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.



"The Sun TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs. 69.03 crore," Mr. Jagdale said.



The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers' contract on September 15, 2012 but the team owners Deccan Chargers Holdings Limited had challenged it in the Bombay High Court.



The High Court had ruled in favour of the BCCI after DCHL failed to furnish a bank guarantee of Rs. 100 crore before the 5 p.m., October 12, 2012 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, 2012 to interfere with the High Court decision which had set aside the status quo order passed by the arbitrator.
News From: http://www.7StarNews.com

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