Zee lands cricket rights for $308mn

Ending weeks of speculation, the Board of Control for Cricket in India (BCCI) handed over TV rights for all international matches in India t...

Ending weeks of speculation, the Board of Control for Cricket in India (BCCI) handed over TV rights for all international matches in India to Zee Network for the next four years. The price: $308 million, with $20 million to be paid as signing amount within 48 hours.

The deal was announced by BCCI chief Jagmohan Dalmiya today in Chennai, who added that the ‘‘the letter of intent will be extended to Zee soon after receipt of $20 million by the Board’’.

The deal was not without its share of drama as negotiations virtually spilled over to the last day. Yesterday, even as the BCCI took stock of the bids, Zee’s closest rivals ESPN-Star Sports came up with a $308 million offer. ‘‘But since Zee was originally the highest bidder with $260 million, they were given an opportunity to match the figure, which they did,’’ said Dalmiya.

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In the tender which was opened on August 14, Zee had topped the list at $260 million and promised another Rs 95 crore for coverage of domestic matches, while ESPN had quoted $230 million.

‘‘We have accepted the fresh offer in order to ensure the rights and all other aspects of the contract would be discussed and finalised before mid-September,’’ said Zee chairman Subhash Chandra to The Indian Express, minutes after his network bagged the rights.

After threatening to drag the BCCI to courts yesterday, if his channel did not get the rights, Chandra says everything is in the past now.

After Zee and ESPN-Star Sports, Prasar Bharati Corporation with $ 150 million, Sony with $ 140 million and Ten Sports with $ 115 million were the other bidders.