Sun TV Network won the bid for the Hyderabad franchise of the Indian Premier League on Thursday, putting an end to the uncertainty around the cash-strapped Deccan Chargers that was terminated by the Board of Control for Cricket in India (BCCI) recently.
The Sun TV won with a 85.05 crore per year bid, beating PVP Ventures' 69.03 crore per year bid.
"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," BCCI Secretary Sanjay Jagdale said in a press release.
"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores," he added.
The change of ownership of the Deccan Chargers, the winner of the IPL second season, came on the heels of the BCCI terminating the contract on September 15 after then owner Deccan Chronicle Holdings Limited (DCHL) failed to find buyers in spite of giving out tender notice.
DCHL challenged the decision of the BCCI in the Bombay High Court but the court ruled in favour of the cricket board, as the owner of the Deccan Chargers failed to deliver bank guarantee of Rs 100 crore before the deadline. DCHL then approached the Supreme Court but failed to overturn the verdict of the High Court.
DCHL, the owner of the Hyderabad-based IPL team, issued a tender notice in July, inviting prospective buyers to bid for the team following financial problems.