Sun Network will now replace the debt-ridden Deccan Chronicle Holdings Ltd (DCHL) in Hyderabad, parent company of the franchise Deccan Chargers, which was terminated by the BCCI for delaying player payments and mortgaging the franchise with private banks, against the rules of the IPL. The bids for the new franchise had been invited by the BCCI through a tender floated early this month for 12 cities that included Ahmedabad, Cuttack, Dharamsala, Indore, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Visakhapatnam, other than Hyderabad. Noida-based Jaypee Group were in race to bid for a franchise and had requested the BCCI to allow the team to be based out of Kanpur until a stadium could be constructed in Noida in due time, if they won. Hyderabad-based PVP Ventures, promoted by Prasad V Potluri, was the other bidder at Rs 69.03 crore (approx $13m), Rs 16 crore less than what Sun bid for the team.
Sun TV's bid was one of the only two offers that came in for Hyderabad on Thursday, when the IPL Governing Council met in Mumbai to open the bids after floating a tender for 12 cities early this month. Chennai-based media and television group Sun TV Network, owned by the powerful and politically savvy Kalanithi Maran, bought the (IPL) Hyderabad franchise in an auction, on Thursday, for Rs 425 crore (approx $80m), payable in the next five years at Rs 85.5 crore (approx $16m) per year. MUMBAI: The city of pearls will continue to have its own Indian Premier League franchise.
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