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Sun TV buys Hyderabad IPL team

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Updated: Thursday, October 25, 2012, 17:18 [IST]
 
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Sun TV buys Hyderabad IPL team

Bangalore, Oct 25: Sun TV Network has bought Deccan Chargers IPL team for Rs 85.05 crores per year, the Board of Control for Cricket in India (BCCI) announced on Thursday.

"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was 69.03 crores," the BCCI said in a media release.

"This Franchise fee represents a premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008," it added.

Sun TV will have a five-year deal which will be priced at a total of Rs 425.2 crores. In 2008, Deccan Chargers was bought for a price of US $107 million (about Rs 428 crores for 10 years).

However, if you look back at the amount paid by Sahara group to buy Pune franchise, the current bid is much lower. At the time, in 2010, Sahara paid approximately Rs 1,700 crores for 10 years. So, per year, Sahara paid Rs 170 crore. Today's Sun TV bid of Rs 85.05 crorers is much below, making the IPL team value lesser.

After inviting bids for the new team, Sun TV has beaten rivals to secure the winning bid. Deccan Chargers was terminated by BCCI recently and the Indian board had called for fresh bids for ownership of new team.

"The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was 69.03 crores," IPL (@ipl) announced on its twitter page.

ThatsCricket

Read more about: ipl, deccan chargers, bcci
Story first published:  Thursday, October 25, 2012, 13:05 [IST]
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