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Breaking News :  SUN TV purchases Hyderabad IPL franchise at Rs. 85 crore per year
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[undefined=undefined]SUN TV Network have won the Hyderabad IPL Franchise for an amount of Rs. 85.05 crores per year for 10 years.

The IPL Governing Council met earlier today in Mumbai to open the bids for a new IPL Franchise.

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 Rs. 69.03 crores.

As the BCCI's deadline for the invitation of bids for a new IPL team expired at 12 noon today, the biggest question was "are there enough companies showing interest?".

Noida based Jaypee group and Hyderabad's PVP Ventures, it is understood, were the front runners but eventually SUN TV won the bid beating all odds. It was PVP Ventures who wanted to acquire the Deccan Chargers as well but their bid was rejected at the time amidst loads of drama.

On the other hand, after the Deccan fiasco, even the BCCI has decided to tighten up its contract clauses.

BCCI'S new guidelines:

- 20 cr performance deposit during submission of bids
- Bidders forfeit that deposit if they fail to provide annual bank guarantee
- BCCI can terminate franchise if they don't pay players or change ownership structure without informing BCCI

Under the new rules, the new franchises will have to submit a Rs. 20 cr performance deposit during submission of bids. The bidders would forfeit that deposit if they fail to provide an annual bank guarantee. The board is doing this to ensure they have the money to pay players & support staff if a franchise fails to do so.

That the IPL's popularity is dwindling is evident from the fact that the BCCI has lowered it's reserve price for a new franchise to just Rs. 60 cr. That's almost half of what the BCCI set during 2010 when Pune and Kochi came into existence.

http://sports.ndtv.com/cricket/news/item...e-per-year
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Any merits in sundirect customers.
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