Breaking News: Sun TV Network won the Hyderabad franchise of the Indian Premier League
Source/Courtesy: Zee News (Best Hindi News Channel)
This is Bigest Breaking news from Zee News TV that Sun TV Network on Thursday won the Hyderabad franchise of the Indian Premier League for an amount of Rs 85.05 crores per year.
Source/Courtesy: Zee News (Best Hindi News Channel)
This is Bigest Breaking news from Zee News TV that Sun TV Network on Thursday won the Hyderabad franchise of the Indian Premier League for an amount of Rs 85.05 crores per year.
The Indian Premier League Governing Council met here 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 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 release.
"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores," Jagdale said.
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.
According to an IPL source, Sun TV has paid Rs 20 crore as signing amount and also the bank guarantee of Rs 85 crores for the first year.
The source said that the Deccan Chargers players, who are now left without a team following the termination of the franchise, will get the first option in the new team owned by Sun TV.
"Sun TV will have to inform the IPL by tomorrow as to which Deccan Charger players they want in the team," the source said.
Those players not selected will go to the common auction pool.
All the IPL franchises will have to indicate by October 31 which players they wish to retain for the sixth edition of the league.
The DCHL had challenged the termination of its contract, but the Bombay High Court had on October 1 ordered the company to furnish a bank guarantee of Rs 100 crore, bear all expenses for IPL 6, including making payments to BCCI towards franchise, players and support staff. Besides, it was asked to bear the costs of conducting matches and other expenses.
But DCHL's failure to submit bank guarantee of Rs 100 crore of a nationalised bank by October 12 deadline allowed BCCI to initiate action in furtherance to the termination.
The IPL season 6 will commence from April next year.
Zee News (PTI)
