Chennai-based SUN TV has bought Hyderabad franchise for Rs. 85.05 crores per year for 10 years, according to a press release of the Board of Control for Cricket in India (BCCI).
SUN TV Network outbid PVP Ventures, who placed a bid of Rs. 69.03 crores and replaced former owner Deccan Chronicle Holdings Ltd. (DCHL). The BCCI had placed a base price of 300 crore for the new IPL team.
The IPL Governing Council met earlier today in Mumbai to open the bids for a new IPL Franchise. BCCI has invited tender for following 12 cities: Ahmedabad, Cuttack, Dharamsala, Indore, [Hyderabad], Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Vizag.
The winning bidder will be granted the right to own and operate a new team, which will compete in the IPL in each year from and including 2013 onwards.
BCCI also has added few clauses in the contract like it holds the right to terminate the contract of the franchise if a situation occurs where the franchise fails to pay its players.
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