In a landmark auction, the broadcasting rights for the highly anticipated Pakistan Super League (PSL) have clinched for a staggering 6.3 billion rupees. This represents a remarkable increase of 2 billion rupees from the previous deal, highlighting the intense competition in the bidding process.
A leading private TV channel emerged victorious over three other contenders in the keenly contested auction, which saw financial bids being opened yesterday with a reserve price of Rs. 7.358 billion.
During the initial bidding round, the previous rights holder channel proposed a bid of Rs. 5.30 billion, while the state-owned TV channel and the remaining two competitors submitted bids of Rs. 5.17 billion, Rs. 4.40 billion, and Rs. 4 billion, respectively. However, none of the bids matched the reserve price, leading to a second round of bidding.
The triumphant channel, which had the highest bid in the first round, increased its offer by an additional one billion rupees in the second round. As a result, they secured the broadcasting rights for the next two years at a total of Rs. 6.30 billion.
The Pakistan Cricket Board (PCB) has given its approval to this lucrative deal, with a significant 95% of the proceeds directed towards the PSL franchises. This means that the franchises set to receive over Rs. 3 billion annually. In a separate deal, digital rights also secured for Rs. 1.85 billion.
It’s noteworthy that the PCB exclusively allowed companies with their own sports channels or acquired rights from another channel to participate in the bidding process, leading to four channels vying for the coveted rights. If the reserve price not met, the PCB retains the authority to reconsider the bids or postpone the entire process. Fortunately, a consensus reached after a substantial bid in the second round.
Comparatively, the reserve price for the previous contract was Rs. 3.7 billion, with the rights ultimately sold for Rs. 4.3 billion for a two-year duration. Intriguingly, the same entity has once again secured the broadcasting rights.
Notably, the PCB enlisted the services of the international company ‘Colganbauer’ to conduct a valuation of the media rights of PSL before the bidding, determining a value of 6 billion rupees. This substantial increase in the broadcasting rights value underscores the growing popularity and commercial viability of the Pakistan Super League.
 have clinched for a staggering 6.3 billion rupees. This represents a remarkable increase of 2 billion rupees from the previous deal, highlighting the intense competition in the bidding process.){kind=link}