IPL 2022 – BCCI IPL Media Rights: The BCCI is set to launch IPL Media Rights Tender for the new cycle (2023-2027) next week. But an old IPL Media Rights dispute is still haunting them. In a setback to the board, the Bombay High Court has set aside the arbitral award that upheld the cancellation of IPL media rights by the BCCI to the World Sport Group, India (WSGI) Private Limited. Follow IPL 2022 live updates with InsideSport.IN.
The arbitral award had allowed BCCI to appropriate amounts lying in escrow amount to the tune of over Rs 850 crore.
IPL 2022: Big SETBACK for BCCI, HC sets aside IPL Media Rights arbitral award that upheld BCCI’s termination of WSG Contract
BCCI WSG Dispute – Complete Matter Explained? The petitioner (WSG) was granted media rights for the IPL for RoW from 2009 to 2017.
The BCCI post the Season 1 terminated the agreement. Their contention was that the entire arragement was ‘fradulent composite transaction’, done to cheat the BCCI. The agreement was cancelled by the BCCI in 2009.
The BCCI alleged that all agreements were executed for the purpose of diverting Rs 425 crore — which actually belonged to the BCCI — to WSG (Mauritius), an affiliate of WSGI.
The arbitration panel had accepted BCCI’s contention and awarded in their favor.
But now the High Court has SET-ASIDE the arbitration order which now is considered as a huge setback for the BCCI.
- In November 2007, the BCCI had floated tenders inviting bids to acquire license for IPL media rights for 10 years (2008 to 2017).
- The tender included media rights in two categories, for the Indian sub-continent consisting of India, Pakistan, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives and the second category of RoW.
- Though WSGI won the bid, since it was not a broadcaster and only a trader in media rights, it entered into pre-bid negotiations with Multi-Screen Media (MSM) Satellite (Singapore), which had a broadcasting network in India.
- Another MRLA was executed between BCCI and WSGI for India rights for a sum of USD 500 million and RoW rights for USD 92 million till 2017.
Will BCCI Reappeal the HIGH-COURT ORDER? InsideSport reached out to the BCCI on the development. The Board is yet to decide whether they will accept the order or will reappeal it in the HIGHER COURT?
“Our lawyers will study the order and decide the next course of action. At this stage we can’t make any comment”, said top BCCI official to InsideSport.
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IPL Media Rights Tender: When is the new tender getting released?
Why the tender getting delayed? The BCCI had previously stated that the IPL media rights tender would be out last October.
It has been almost five months since that announcement. The tender has not yet been put out despite various timelines and fresh deadlines.
In December, BCCI also engaged KPMG to guide them on the best MODUS OPERANDI to monetize the IPL Media Rights.
But still the tender hasn’t comeout. Now according to a board member, “the IPL media rights could be out soon, in all likelihood, in a week’s time”
BCCI is expected to fetch almost 40,000 Crores from sale of 5 years of rights.
Follow IPL 2022 live updates with InsideSport.IN.
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