Sony-WSG bags IPL rights for whopping $1 billion
Sony Entertainment Television (SET) and World Sports Group (WSG), a leading sports marketing and management agency have jointly bagged the broadcasting rights for the Indian Premier League (IPL) Twenty20 championship for whopping $1.03 billion for ten years.
The SET-WSG consortium got the rights ahead of sports channel ESPN-Star Sports and news and entertainment broadcaster NDTV. The Sony-WSG unite has also committed an additional promotional expenditure of $108 million for the tournament.
The contract commences with the inaugural Twenty20 tournament in April this year and will remain till 2017.
According to BCCI vice-president Lalit Modi, “ESPN-STAR Sports' bid was conditional and, therefore, disqualified while NDTV needed more time and that is why they backed out.”
The eight-team IPL Twenty20 will be played over a period of 44 days from April 18 and will involve 59 matches. The eight teams will be owned by eight franchisees that will be selected from among 32 corporates’ and private equity funds. The franchise bids will be opened on January 24.
Modi said while confirming about the rights, "We are glad that we have found the right media partners. Sony has done a good job in the past with the ICC rights, we expect it to do the same with IPL."
Nimbus Communications, which had India’s domestic rights for all the international matches played in the country till 2010 (for $612 million), did not participate in the bidding.
According to Modi the eight franchisees will receive 80 per cent of the media rights in the first year, 70 per cent in the second, 65 per cent in the third, 60 per cent in the fourth and 50 per cent for the remaining six years.
On the other hand, WSG will pay BCCI in the first year - $59 mn, second year - $60 mn, third year - $61 mn, fourth year - $62 mn and fifth year - $63 mn.
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