This was the second IPL team franchise to be terminated by BCCI who last year scrapped the contract of the Kochi franchise for defaulting on payments. The owners immediately issued a legal challenge against the expulsion, a case which is still ongoing. This was after the previous owner failed to submit bank guarantee of Rs 100 crore to the cricket board as per a deadline. Simultaneously, the IPL franchise was terminated by BCCI. Just two weeks ago the struggling IPL franchise owned by Deccan Chronicle was sold to Mumbai-based real estate firm Kamla Landmarc for an undisclosed sum. Deccan Chronicle scrip, which hit a new low on Thursday, was up 4.9 per cent, after hitting upper circuit limit for the day. Sun TV scrip was down 3.75 per cent after the news was made public and was quoting at Rs 342.6 a share on the BSE during mid-day trades in a strong Mumbai market on Thursday. The BCCI had placed a base price of Rs 300 crore for the 10-year contract for the new IPL team to replace Deccan Chargers, which is almost half of what the BCCI set during 2010, when Pune and Kochi IPL teams came into existence. Deccan Chronicle had shelled out $107 million (around Rs 426 crore back then) to bag the franchisee for 10 years which translated into roughly Rs 42.6 crore a year). As per a statement by BCCI secretary Sanjay Jagdale, Sun TV’s bid was twice the amount paid by Deccan Chronicle in 2008.
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