The Board of Control for Cricket in India (BCCI) is set for a windfall of massive proportions as the IPL media rights could see them earn up to $5bn for the next five-year cycle. There are some high-profile names interested in the bidding process to acquire the rights of the two new teams in IPL.
The existing five-year rights (TV and digital) for broadcasting IPL is with Star India which is set to expire in 2022. However, according to the reports, the valuation of the rights which is at Rs.16,347.50 crore ($2.55bn) right now, could reach double the current valuation at $5bn around Rs 36,000 crore.
“There is a well-known US-based company which did send BCCI feelers some time back, expressing their serious interest in bidding for IPL media rights. With 10 teams playing IPL from 2022, the matches will go up to 74 and in any case, the valuation of the property increases,” said a source close to BCCI.
The last time around in the bidding process for IPL media rights, there were only two major players in the market with Star India and Sony. Sony could only cough up a bid of Rs 11,050 crore which saw them lose out on the media rights which were previously held by them from 2008 to 2017.
BCCI is set to release the tender invitation in Dubai on October 25, the same day the two new IPL teams will also be announced. The Glazer family, who owns Manchester United have picked up documents to bid on the IPL teams.
The IPL bid document cost Rs 10 Lakhs, a lot of big business houses and corporate giants buy the document just to analyse the business prospect. There have been several companies and superstars linked to acquiring the two new IPL teams.