Following the termination of the Deccan Chargers, the Indian Premier League's Hyderabad franchise has been sold to Sun TV for a sum of 85.05 crores per year (US$ 15.81 million).
Sun TV's bid was higher than other competing bidders including PVP Ventures and represents a doubling of the initial price paid for the franchise by Deccan Chronicle Holdings Limited (DCHL) in 2008.
"The IPL Governing Council met earlier today in Mumbai to open the bids for a new IPL Franchise. SUN TV Network have won the Hyderabad Franchise for an amount of 85.05 crores per year," an Indian board (BCCI) statement explained.
"This Franchise fee represents a premium of over a 100 % above the amount paid by DCHL for the Hyderabad Franchise in 2008. The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was 69.03 crores."
The Deccan Chargers were terminated after DCHL failed to meet payment deadlines.
The new franchise may be based in Ahmedabad, Cuttack, Dharamsala, Indore, Hyderabad, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi or Vizakhapatnam.
© Cricket World 2012
Open an account with bet365 today and qualify for up to £200 in free bets with our fantastic 100% Deposit Bonus.