Sun TV to replace Deccan Chargers in IPL
The Board of Control for Cricket in India (BCCI) was not just content awarding the Hyderabad franchise to the Sun TV network for R 85.05 crore per year for a five-year deal.
The Indian board also ensured they safeguarded the interests of all contracted players with the terminated Deccan Chargers. “The Deccan Chargers players are now with the Sun group. It is up to the franchise now on who to retain.
Players’ interests have been completely protected and they have also been paid all their dues,” stressed BCCI president N Srinivasan after an Indian Premier League (IPL) Governing Council meeting at a suburban hotel in Mumbai yesterday.
He also said that the new franchise have time till October 31 to decide which players to retain. The remaining players will go into the auction pool in November.
Srinivasan was delighted that the Board got twice the value from the new owners. The winning bid from Sun TV is higher than the $107m for 10 years the previous owners Deccan Chargers Holdings Limited (DCHL) paid in 2008.
“We are very happy with the bid. This is twice the value of what Deccan Chargers paid. If you take into account the sharing of central rights compared to the earlier expansion of the franchise, you will find it actually represents higher value. More importantly, it is a very credible franchise owner.
They will add a lot of value to the league,” said Srinivasan, who owns the Chennai Super Kings team led by Mahendra Singh Dhoni.
On signing only a five-year deal, the BCCI president said: “That is because the original eight franchises have 10-year contracts, so five years is less. So, after 10 years the revenue sharing means you don’t pay a franchise fee, but you pay 20 per cent of your income.”
SL Narayanan, Sun TV Network’s CFO, was excited about the new challenge. “It’s a great opportunity for us. We have got it at a very attractive price. We have a fair understanding about the inflow and costs. We have done our math,” he said before adding: “The actual team composition and support staff will be decided in a few days.”
Sign up for all the latest news, top galleries and trending videos from Mid-day.comSubscribe