NEWS
Follow UsIn what is going to be the busiest year in Pakistan cricket's recent history, the Pakistan Cricket Board (PCB) made a blunder and sold the country-wide broadcast rights for nearly half of its reserve price in haste.
The state-owned broadcaster Pakistan TV (PTV), which initially dropped out of the bidding race, eventually managed to sub-purchase the TV rights from the bid-winner for almost one-third of the price it was willing to pay PCB during the bidding process.
According to a report by Dwan, the PCB had kept the reserve price for the media rights for Pakistan broadcasters at Pakistani Rupees 3.2 billion. However, since it found very few takers for such steep pricing, it reduced the price to Pakistani Rupees 2.2 billion and then out of nowhere, raised it back to its original price.
In between, it received bids from PTV, which was ready to pay Pakistani Rupees 1.6 billion, and the consortium of ARY and Tower Sports, which quoted Pakistani Rupees 1.72 billion. Since no more bidders showed interest, the consortium got the rights and sub-licensed them to PTV at Pakistani Rupees 500 million. It was a win-win for both the consortium and PTV, but in the end, PCB became the biggest loser.
Since it did not find a suitable bidder, it could have cancelled the bidding altogether and arrived at a lucrative price later on to keep all parties inserted.
The rights are for 28 months, during which Pakistan will host 11 Tests, 26 ODIs, and 24 T20Is at home. The Pakistan cricket team will also host England, South Africa, New Zealand, West Indies, and Australia, which means every big nation other than India will visit their shores.
If you’ve not downloaded the Cricket.com app yet, you’re missing out — big time. Play Fantasy on Cricket.com NOW! Download the App here.
