The Board of Control for Cricket in India (BCCI) on Wednesday announced the release of Invitation to Tender (ITT) for media rights for all the international and domestic matches.
The richest cricket board in the world states that it is inviting bids from reputed entities for acquiring the media rights for matches. The ITT will be available for purchase till August 25, 2023.
The detailed terms and conditions governing the tender process including eligibility requirements, process for submissions of bids, rights and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) which will be made available on receipt of payment of a non-refundable fee of Rs 15,00,000 (Indian Rupees Fifteen Lakh Only) plus any applicable Goods and Services Tax.
Any interested party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid.
“It is clarified that merely purchasing the ITT does not entitle any person to bid,” BCCI says in a statement.
Although not specified by BCCI, the media rights are expected to be up for grabs for the 2023-2027 cycle. The upcoming deal will span five years, similar to the Indian Premier League (IPL) contracts. While the exact number of matches covered under the new deal is still under discussion, it is likely to include 100 bilateral matches. Notably, the emphasis in this cycle will be on more T20 matches and fewer ODIs, as the audience has shown less interest in the latter format.
The bidding process is expected to be an e-auction, following the trend set by BCCI’s windfall earnings of Rs 48,390 crore from the sale of IPL Media Rights through a similar process. The new media rights deal will encompass both digital and TV rights separately, in line with the rising demand for digital content.
In 2018, Star India Pvt. Ltd (now called Disney Star) retained the television broadcast and digital rights for all domestic cricket under the Board of Control for Cricket in India (BCCI) for the next five years at a whopping Rs6,138.1 crore (around $944 million), outbidding rivals such as Sony Pictures Networks India and Reliance Jio (Reliance Industries Ltd).
It paid the amount for 103 matches, with a per-match valuation of around Rs 61 Crore. However, with the rights now being separated, BCCI is optimistic about surpassing Rs 12,000 Crore in revenue from this auction.
Also read: BCCI to auction 2023-27 media rights; tender likely to come out today
As the details continue to unfold, broadcasting companies are likely to pick up the tender as they eagerly await the commencement of the e-auction and the subsequent announcement of the winning bidder.
BCCI has also recently invited bids from reputed entities for acquiring the title sponsor rights for its events. It is to be noted that the BCCI has banned businesses that are involved in athleisure and sportswear manufacturing, alcohol products, cryptocurrencies, betting, gambling, real money gaming (excluding fantasy gaming) or tobacco companies to participate in its lead sponsorship bidding process.
Also read: BCCI invites bids for title sponsor rights for its events