SONY AND SINGAPORE’S WORLD SPORTS GROUP BUY INDIAN TWENTY20 CRICKET RIGHTS FOR US$1 BILLION
January 16th 2008 08:08
Sony Television network and Singapore-based World Sports Group have bought the media rights for the star-studded inaugural Twenty20 Indian Premier League for the next 10 years from the Board of Control for Cricket in India.
The Sony-WSG combine outbid the ESPN-STAR Sports network, and news and entertainment broadcaster NDTV. Nimbus Communications, which owns the domestic rights of all international matches played in India till 2010 (for $612 million), did not participate in the bidding.
Exchange4Media said the “touted price is US$1.026 billion, comprising $918 million as rights money and $108 million for compulsory promotional activities.”
Business Standard reported, “Indian Premier League, which will kick off in April, will host 56 matches in the Twenty20 format and will have international and domestic cricketers playing in eight teams.
”The tournament is based on the annual soccer competition the English Premier League and each team will be owned by a company. The company will have to buy team ownership rights from Board of Control for Cricket in India for around $50 million. This apart, the company will have to deal separately with each cricketer it wants in its team.”
The league faces competition from the Zee group which floated the India Cricket League, but has faced poor response from advertisers.
Exchange4Media said test captains Ricky Ponting of Australia, Graeme Smith of South Africa, Daniel Vettori of New Zealand and Shoaib Malik of Pakistan are among the 80 cricketers contracted for the Indian Premier League.
The Australian said, “It is understood Australian Test players - including Brett Lee, Mike Hussey, Ricky Ponting and Andrew Symonds - have signed memorandums of understanding to play” in the new Indian league.”
The Australian added, “They will not be permitted to play in the Indian Premier League this year or next year because of touring commitments with the national side, but will still receive lucrative fees for promoting the league and sponsors of teams they represent.”
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