The Board for Control of Cricket in India (BCCI) decided to host an e-auction for Indian cricket media rights. There had been some concern expressed by the Committee of Administrators when the BCCI CEO, Rahul Johri, initiated the e-auction.
The move to an e-auction for the media rights is not only new for the BCCI. It is an unprecedented move in the sporting world.
The bidding took place over the past three days. By the time the second day was done, it was already clear that the BCCI would be selling the rights for more than ever before.
Star India Then and Now
Star India had bought the rights to Indian cricket’s media for 2012 until 2018. The rights included 96 matches, averaging at Rs 43 crore per game. The overall amount paid was Rs 3851.
This year, the bidding was opened on Tuesday for Rs 4176 crore. By the end of the day, the bidding had reached Rs 4442 crore.
At the close of bidding on Thursday, Star India had outbid Sony Pictures Network and Jio Infocomm.
Star India now owns the media rights for Indian cricket from 2018 – 2023; the next five years. The new contract begins on 15th April 2018 and ends on 31st march 2023.
The final bid closed on Rs 6138.1 crore, equivalent to US$ 944 million. This means that the BCCI will receive an average of about Rs 60 crore for each upcoming match.
Star Media Heads Towards Cricket Broadcasting Monopoly
Star Media owns the media rights to the Indian Premier League and domestic cricket matches for the next five years. In addition to this, the company also has the rights to broadcast important ICC Tournaments. This includes the World T20 and both the men’s Cricket World Cup and women’s Cricket World Cup.