Chennai broadcaster, Sun TV has won the lucrative contract for a new Hyderabad Indian Premier League team as a replacement for the Deccan Chargers.
Sun TV paid Rs. 80.05 crore a year, reportedly for over a five-year period. The reserve price set by the Board of Control for Cricket in India (BCCI) was Rs. 60 crore.
The Deccan Chargers was forced to sell after five seasons because of financial reasons.
“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.
Meanwhile, Sun Group CFO SL Narayanan while talking to NDTV said that the deal fits in well with their overall business. He said, ” The franchise comes at a very good price and fits in well with overall business.”