Chennai-headquartered Sun TV Network has emerged the surprise winner of the new
Indian Premier League (IPL) Hyderabad franchise.
The media conglomerate, owned by Kalanithi Maran, brother of former Union minister and DMK party member Dayanidhi Maran, will shell out Rs 85.05 crore per year under the terms of the contract.
Sun TV's offer was far higher than Hyderabad-headquartered PVP Ventures's 69.03 crore, which was the second highest bid for the franchise.
Earlier, the Reddy family,
owners of the Deccan Chargers, which has been terminated from the IPL, had rejected a Rs 900 crore offer by PVP ventures to buy their franchise.
The Board of Control for Cricket in India had ended the team's association with the IPL after the cash-strapped Deccan Chronicle Holdings Limited failed to furnish guarantee money in time.
The IPL governing council met in Mumbai this afternoon to open the bids. Kalanithi Maran also owns budget airline Spicejet, among other businesses.