Kalanithi Maran's Sun TV wins IPL team

Agencies : Mumbai, Thu Oct 25 2012, 15:15 hrs

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Kalanithi Maran's Sun TV Network today won the Hyderabad franchise of the Indian Premier League (IPL) for an amount of Rs 85.05 crore per year, putting an end to the process of finding a new team in the wake of the controversial termination of cash-strapped Deccan Chargers.

The IPL Governing Council met here today to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.

"SUN TV Network have won the Hyderabad Franchise for an amount of Rs 85.05 crore 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 crore," Jagdale said.

The BCCI had floated the tenders for a new IPL franchise after terminating Deccan Chargers' contract on September 15 but the team owners DCHL had challenged it at the Bombay High Court.

The High Court had ruled in favour of the BCCI after Deccan Chargers Holdings Limited failed to furnish bank guarantee of Rs 100 crore before October 12 5pm deadline. Later, an arbitrator had ordered for status quo but the High Court again ruled in favour of the Board.

DCHL then approached the Supreme Court which, however, declined on October 19 to interfere with the High Court decision which had set aside the status quo order passed by the arbitrator.

Company INFO More on Sun TV Network

Stocks More on Sun TV Network

New IPL Hyderabad team owner Kalanithi Maran: From student leader to tycoon

Kalanithi Maran, owner of USD 2.8 billion (appx Rs 15,000 crores) Sun Group which today won the Hyderabad franchise of the Indian Premier League, has come a long way from being a student leader in prestigious Loyola College to turning into South India's biggest media baron.

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