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$420 mn is what Star India paid to get out of Champions League T20
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Breaking News :  $420 mn is what Star India paid to get out of Champions League T20
MUMBAI: Broadcaster Star India paid
$420 million as compensation to the
Board of Control for Cricket in India
(BCCI), Cricket Australia and Cricket
South Africa for scrapping the
unpopular club-based tournament
Champions League T20 (CLT20).
Star and the BCCI agreed to
terminate the programme rights to
CLT20, a loss-making property for
the broadcaster which had acquired
the ten-year commercial rights in
2008 for a whopping $975 million.
With the event failing to draw big
audiences and revenues, Star wanted
to exit before the expiry of the
The compensation of $420 million,
paid in July 2015, is inclusive of
service tax. CLT20 is jointly owned by
the BCCI, Cricket Australia and
Cricket South Africa.
Parent company 21st Century Fox
recorded restructuring charges of
approximately $160 million,
reflecting contract termination costs
at Star related to a programme rights
contract with the BCCI for the CLT20
through 2018.
This charge was recorded net of the
related contract-related liabilities
recognised on the acquisition of Fox
Sports Asia. In 2012, 21st Century
Fox (earlier News Corp) had bought
out Walt Disney’s stake in ESPN Star
Sports for $335 million.
Following the buyout, the India
business of ESS was taken over by
Star India, while Fox International
Channels (FIC) took control of the
business in the rest of Asia.
Last month, the governing council of
CLT20 discontinued the tournament
with immediate effect. The decision
was taken following a request by Star
India to do away with the tournament
since it had failed to capture the
imagination of cricket fans unlike its
richer sibling, the Indian Premier
League (IPL).
CLT20’s viewership right from the
inaugural season has been less than
promising considering that Star Sports
(earlier ESPN Star Sports) had
acquired in 2008 the commercial
rights to the tournament for $975
million until 2018.
The first edition of the tournament
was cancelled due to terror attacks in
Mumbai in 2008. So far, six editions of
the tournament have been played. The
last edition was held last year in
Star India owns the media rights to
BCCI domestic and international
cricket series in India through 2018,
International Cricket Council (ICC)
matches through 2023, the England
and Wales Cricket Board matches
through 2017, and Cricket Australia
matches through 2017. In addition,
Star had acquired the digital rights
for the IPL through 2017.
Apart from cricket, Star also holds
the rights to Federation
International De Hockey through
2022, Wimbledon through 2022 and
Bundesliga through 2020.
Star has also been investing in local
sporting leagues. In September 2014,
it had acquired a 35 per cent minority
stake in Football Sports Development
Ltd, a joint venture with IMG-
Reliance to launch the Indian Super
League, a professional soccer league.
In March 2015, Star India, in
association with its affiliate,
acquired a 74 per cent majority stake
in Mashal Sports for the operation of
the Pro Kabaddi League.
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