The Board of Control for Cricket in India (BCCI) has been known to be like a typical ruthless organization. The board has often been termed as a monopoly and they have monopolized the game in the past. The powerful board is known to believe in the approach of “my way or the highway”. However, Star, the broadcasters of Champions League T20 will consider themselves extremely fortunate as the BCCI was very “generous” and kind to them.
Star TV in a joint venture with ESPN had to pay dues worth $975 million for the 10 seasons of Champions League T20 to the BCCI, when they bought the rights in 2007-08. However, after facing staggering losses from the T20 event, the two broadcasters decided to terminate their contract. Since as per the contract four seasons were still remaining, ESPN STAR TV owed compensation worth $475 million to the BCCI. Now however, they will just have to pay a compensation of $300 million to BCCI, Cricket South Africa (CSA) and Cricket Australia (CA).
As per the sources, the deal regarding the compensation was made when N.Srinivasan, the current head of the ICC was at the helm of affairs of the BCCI. The official announcement was delayed because of the financial matters which had to be sought out.
Going by the BCCI’s hard hitting approach, a source close to Star TV was quoted saying, “They’ve rarely shown such a generous side.”
In the meantime, Star TV was said to be excited about the plans regarding the new T20 league coming up in the UAE, where the top four IPL teams would compete. However, like the IPL franchise owners, Star TV too awaits further details.