At a huge sum of Rs 85.05 cr, the SUN TV network has successfully gained ownership of the Hyderabad IPL franchise. The premium sum is 100% over the earlier amount paid by DHCL for the same team in 2008.

Hardly challenging SUN TV Network's bid, PVP ventures lost the auction for Hyderabad's team with their bid at Rs 69.03 crores. The reserve price for the bids was set at Rs 60 Cr for the franchise.

Renewed rules were also brought into effect to ensure that the players would be paid even if the franchise is bankrupt.

BCCI said that the owners should
-Deposit 20 cr during submission of bids (performance deposit)
-If the annual bank guarantee is not provided by any franchise, the deposit would be forfeited
-BCCI reserves all rights to terminate a franchise if they cannot pay the players or if they change the structure of the ownership without prior intimation to BCCI.

The deposit would be utilized by the BCCI to pay the players in case of any undesirable eventualities.

Earlier, the Supreme Court has not favored the Deccan Chronicle's petition which sought a stay on their termination after their IPL team Deccan Chargers couldn't meet the financial requirements.

(AW- Anil)