The Pakistan Super League (PSL) has hit a jackpot in its broadcasting deal, fetching an impressive 6.3 billion rupees. This marks a significant leap of 2 billion rupees over the previous agreement.
In a highly contested bid, A-Sports outbid three competitors to secure the broadcasting rights for the ninth edition of the tournament. Financial bids, opened yesterday, started with a reserve price of Rs. 7.358 billion.
The previous rights holder bid Rs. 5.30 billion in the first round, with the state-owned channel and two others offering Rs. 5.17 billion, Rs. 4.40 billion, and Rs. 4 billion respectively. Failing to meet the reserve price, a second bidding round ensued.
In this round, the leading bidder from the first round increased their bid by a billion rupees, winning the rights for Rs. 6.30 billion for two years. The Pakistan Cricket Board (PCB) approved the deal, allocating 95% of the income to PSL franchises, amounting to over Rs. 3 billion annually. Additionally, digital rights sold separately fetched Rs. 1.85 billion.
Only companies owning sports channels or holding rights from another channel were allowed in the bid, leading to four contenders. If the reserve price wasn’t met, PCB could revise or delay the process. However, the second round’s substantial bid clinched the deal.
Previously, the reserve price was Rs. 3.7 billion, with rights eventually selling for Rs. 4.3 billion for two years.
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