Sun TV buys new IPL franchise

According to the IPL Governing Council, which met on Thursday to open the bids for the ninth franchise that was up for grabs, Sun TV beat PVP Ventures by putting up a sum of Rs.85.05 crores per year  for the new IPL franchise. It was higher than the amount offered by PVP Ventures, which bid Rs.69.03 crores per year.

The Board of Control for Cricket in India (BCCI) had placed a base price of Rs.300 crores while issuing  tenders inviting bids for 12 Indian cities including Ahmedabad, Cuttack, Dharamsala, Hyderabad, Indore, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Vizag.

PVP Ventures, the Noida-based Jaypee Group and Ahmedabad-based Adani Group were among the companies that had submitted bids for owning an IPL franchise in place of Deccan Chargers.

Last month, PVP Ventures had attempted to buy the now defunct Deccan Chargers were thwarted by the then owners Deccan Chronicle Holdings Ltd for unknown reasons.

The Board has made certain changes in its IPL rule concerning the teams that include complete right to terminate the contract if the franchise owner fails to pay the players. Also, whenever there is a change in their ownership structure, it has to be brought to the notice of the board.

The Sun TV Group will put its team on the field in the next IPL season.