Sun TV Network has won the bid for the Hyderabad Indian Premier League (IPL) Twenty20 cricket franchise.
It will have to pay the IPL Rs 85.05 crore per year for the next five years. Sun TV beat PVP Ventures for the bid.
The franchise fell vacant after the Board of Control for Cricket in India (BCCI) dropped Deccan Chargers this month for its failure to give a bank guarantee and other issues.
The team was put up for sale last month, but Deccan Chargers failed to find a buyer.
BCCI secretary Sanjay Jagdale said: "This franchise fee represents a premium of over 100% above the amount paid by Deccan Chronicle Holdings Limited for the Hyderabad franchise in 2008."
The new owner will be given an opportunity to form a team and compete in the IPL from 2013, and in the Champions League.