on Friday at 04:26pm
The amount will be payable in the next five years at Rs 85.5 crore per year. 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.
Hyderabad-based PVP Ventures, promoted by Prasad V Potluri, was the other bidder at Rs 69.03 crore, Rs 16 crore less than what Sun bid for the team. Others in race in bid for a franchisee was Noida-based Jaypee Group, who 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.
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. Sun paid the BCCI an immediate signing deposit of Rs 20 crore after winning the bid in Thursday's auction.