The Board of Control for Cricket in India (BCCI) has finally announced the release of the Invitation to Tender (ITT) for media rights to the Indian Premier League (IPL) seasons 2023-2027, putting an end to months of speculation. The IPL media rights e-auction will begin on June 12.
According to media reports, the BCCI intends to split the media rights tender into five packages. Package A) Global Rights Television, Package B) Global Digital Rights, Package C) Rest of World Rights (Broadcast and Digital), Package D) Television Rights Sub-Continent, and Package E) Digital Rights Sub-Continent are among them.
Through a tender process, the IPL Governing Council is looking for bids from credible agencies to procure media rights for the IPL 2023-2027 media rights cycle. The ITT contains the tender process’s detailed terms and conditions, such as eligibility requirements, bid submission guidelines, suggested media rights packages, commitments, and many more.
On receipt of a non-refundable fee of Rs 25 lakh plus any applicable Goods and Services Tax (GST), the tender document will be made available. The tender will be on the market until May 10, 2022. Interested parties must email firstname.lastname@example.org the relevant information of their payment for the ITT. Only after the non-refundable ITT fee has been paid will the tender documents be distributed.
Companies that want to bid must first purchase the ITT. Only those who meet the eligibility criteria outlined in the ITT and accept the other contract terms outlined in the ITT will be eligible to bid.
The BCCI categorically stated that simply purchasing the ITT does not give anyone the right to bid. The board also reserves the right to modify the bidding process at any time and in any way.
The upcoming IPL media rights e-auction is expected to witness a record sum of money pledged to secure the coveted tournament’s media rights.
BCCI Secretary Jay Shah said in a statement, “I’m pleased to announce that BCCI has issued the tender document for IPL media rights for seasons 2023-27. With 2 new teams, more matches, more engagement, more venues, we are looking to take Tata IPL to newer and greater heights. The Tender document is now available for purchase.
“For the first time in IPL history, the media rights will be e-auctioned. The e-auction will commence on June 12th, 2022. I’ve no doubts that with this process there will not only be revenue maximisation but also value maximisation, which will benefit India Cricket immensely.”
As previously reported, Disney Star, Zee-Sony, Reliance-backed Viacom18, and Amazon are expected to be the leading bidders for IPL media rights. The names of American technology companies and global business consortia are also being circulated.
The BCCI anticipates a $5 billion profit from the IPL media rights auction. The study further shows that the increased number of games, combined with the increased competitiveness prompted by the e-auction, will ensure that the IPL media rights value will set a new standard.
According to experts, as there is rising demand for sports content on digital platforms, the worth of IPL digital rights will shoot through the roof. Given the medium’s monetisation potential, news organizations still believe that television rights will continue to command the biggest chunk of media rights value.
In the tournament’s 15-year history, Star India and Sony Pictures Networks India have held media rights. Sony had the rights for ten years, while Star had the rights for five years.
The value of the IPL media rights nearly doubled in 2017, with Star paying Rs 16,347.5 crore for the global deal. Sony, on the other hand, paid Rs 8200 crore for Indian subcontinent TV rights.