Star's mega-bet on cricket went awry. Now it wants to rework the deal

livemint.com:

T20 World Cup, two people familiar with the matter said. Sydney Morning Herald was the first to report that Star has pressed for a renegotiation. India lifted the ICC Men’s T20 World Cup, which was held in the US and the West Indies to promote cricket in newer geographies; however, many advertisers skipped the event since fewer Indians were likely to watch these matches due to inconvenient timings, in a setback for Star.

Erratic weather worsened the situation, with multiple games, including an India match, either washed out or truncated, leading to further advertising revenue losses. Despite these challenges, an official familiar with the matter said the agreement between the ICC and Star India is ironclad, with no provision for renegotiation or exit. “A few weeks after the World Cup concluded, the ICC received a letter from Star India demanding renegotiation.

However, the agreement includes no clause or option for altering the deal value. The ICC’s future tour programme (FTP) was announced well in advance, and everyone knew the first T20 World Cup would be played in the US. Like the 2026 T20 World Cup, which will be co-hosted by India and Sri Lanka, there were no surprises here, so it’s unreasonable to cry foul now," the official said on the condition of anonymity.

When contacted by Mint, an ICC spokesperson stated, “We do not comment on commercial arrangements." A Star India spokesperson also declined to comment. Mint previously reported that Star India had generated just over ₹1,200 crore in advertising revenue from the T20 World Cup, against its payout of nearly $500 million ( ₹4,200 crore). After winning the bid in August 2022, Star India had sub-licensed TV rights for the men’s tournaments to Zee Entertainment