New Delhi/Chennai, Oct 25 (): After India Cements, yet another Chennai-based company Kalanithi Maran owned Sun TV today topped the bid for the Hyderabad Indian Premier League (IPL) franchise team.
This new IPL team comes after BCCI terminated the Deccan Chargers. Sources say that Sun TV’s bid was for Rs 85.05 crore per year while BCCI had put Rs 300 cr as the base price for the team. PVP Ventures came a close second with Rs 69.3 cr.
Deccan Charges who could not pay its team members was put up for auction. PVP had offered Rs 900 cr but its owners Deccan Chronicle Holdings Ltd (DCHL) rejected it since they wanted the money upfront.
The lenders to DCHL then decided to pump in money and asked the BCCI for some time to pay the Rs 100 crore. There were also moves to sell it off to a Mumbai-based real estate firm. BCCI refused to give more time and this was challenged in Mumbai High Court which refused to stay the BCCI move. The SC too upheld the Mumbai High Court following which BCCI termination followed with bids for new owners.
The court had earlier given room for arbitration between BCCI and DCHL. BCCI pointed out that arbitration would mean that DCHL would get more time and result in the team existing on paper. Hearing this’ the court last Friday dismissed the DCHL appeal and paved way for the new bids.
Sun Network, the South media conglomerate which has channels in all the four south languages and MSO operations in Tamil Nadu is into film production and distribution. With winning the Hyderabad IPL team, it now moves into sports and its economics. The Marans also own the Dinakaran group of publications published from Chennai.
Initially, Deccan Chronicle relied heavily on Sun TV during its entry in Chennai for publicity and promotion.