From Outlook:
"Hyderabad franchise too had wanted VVS Laxman as their icon player before withdrawing the demand a day before the players' auction. "Laxman has been named the captain of the Hyderabad team. He put the team interest before his own and gave away the icon status (which the franchise owners had demanded from the IPL Governing Council) as he wanted Hyderabad to have a larger budget (for buying players). He showed fine sportsman's spirit," P K Iyer, the managing director of franchise owners Deccan Chronicle, said after buying the veteran cricketer for USD 375,000."
Peter Roebuck: Franchises best for game in decline.
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