Sun TV Network Buys IPL's Hyderabad franchise

Sun TV Network on Thursday Oct 24,2012 won the Hyderabad franchise of the Indian Premier League for an amount of Rs 85.05 crores per year.
The IPL Governing Council met here on Thursday to open the bids for the new IPL franchise and Sun TV was found to have the highest bid amount.The SUN TV Network bid was substantially higher than the second bid of PVP Ventures, which was Rs 69.03 crores," 

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Deccan Chronicle Holdings Limited (DCHL) had bought the franchise in 2008, paying up Rs. 428 crore. Its inability to give a Rs. 100-crore bank guarantee and other issues resulted in the termination of its contract.