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VVS Laxman has been appointed captain of Team Hyderabad and the outfit will be coached by Robin Singh who presently is also the fielding coach of the Indian cricket team. There is no Icon Player for the team. The Hyderabad franchise is owned by Deccan Chronicle. The media group obtained the franchise for $107 million on January 24, 2008. Group M shortly picked a 20% stake. The Chargers were amongst the most aggressive bidders during the first player auction. The franchise added a lot of fiery power in batting by attaining some notorious big hitters like Adam Gilchrist, Andrew Symonds, Shahid Afridi, Scott Styris and Herschelle Gibbs. In totaling to all these players, the franchise also includes the Indian test player VVS Laxman, who is a Hyderabad local. They are also utilizing the services of well-known pacers RP Singh, Nuwan Zoysa and Chaminda Vaas. It's been declared by the franchise that Laxman will captain the side during the tournament. VVS Laxman was supposed to be the Icon Player for the Hyderabad, but this meant that the players mentioned above could not be bought as Icon Players earn 15% more than the highest earner in the team. However, VVS Laxman renounced his Icon Player Status, and instead of earning $1 million like other Icon players he earns $375,000, which allowed the team to buy the big names and still remain under the salary cap. The team appears strong on all fronts and will hopefully provide riveting action throughout the tournament.