The Sun TV Network have won the bid for the Hyderabad franchise of the Indian Premier League, the Board of Control for Cricket in India confirmed on Thursday (October 25).
The BCCI opened the bids for a new franchise following the termination of Deccan Chargers, and the Sun TV Network’s bid of Rs 85.05 crore (850.5 million) per year was significantly higher than the second highest bid, of Rs 69.03 crore from PVP Ventures.
The new franchise thus becomes the second most expensive team in the IPL after Pune Warriors India (Rs 1702 for seven years), and the third most expensive in IPL history behind the Warriors and Kochi Tuskers Kerala (Rs 1533.32 crore for seven years). The Tuskers’ IPL contract had been terminated before the start of IPL V.
The BCCI added in the release that the franchise fee quoted by the Sun TV Network represented a premium of more than 100 percent above the amount paid by Deccan Chronicle Holdings Limited for the Hyderabad franchise in 2008.