MUMBAI: Sony Pictures Network India (SPNI), official broadcaster of the Indian Premier League, has submitted a letter expressing interest in bidding again for the world cricket’s biggest television property.
SPNI’s rights for the tournament end with next year’s event.
SPNI CEO, NP Singh, met Board of Control for Cricket in India (BCCI) secretary Ajay Shirke and new CEO Rahul Johri on Wednesday morning, and submitted a written letter expressing his company’s interest in bidding again for the IPL’s TV rights, Indian Express reports.
While the previous TV rights had been signed for a period of 10 years, the duration of the next contract is likely to be cut down to a minimum of five years, or it might even be three years if the BCCI is intent on bringing the property up for renewal as soon as practically possible after finalising the broadcaster for the upcoming cycle of rights.
“MSM has a right to refusal and it also has the right to match the offer. Over the next 60 days, the company will come up with a new offer. We are expecting the amount to be double of what it was in the last contract. We have conducted our own market research and if we are not convinced with the offer made by Sony, we will call for a fresh tender. And if any company bids higher than what Sony offers, then they will either have to match that price or the board will offer the new contract to the highest bidder,” a top BCCI official told Indian Express.
SPNI has broadcast the IPL on its network channels since the inception of the league in 2008. In 2009, SPN — then known as Multi Screen Media — had bought the broadcasting rights for $1.6 billion (the deal had dollar exchange rate fixed at Rs40 odd so real rights value remained Rs82 billion) for the following nine editions.
