ICC faces rights crisis as JioStar hints at exit- Report:Cricket governing body likely to begin fresh sale after broadcaster cites heavy losses

The International Cricket Council (ICC) is staring at a major media-rights crisis ahead of the ICC Men’s T20 World Cup 2026, with Reliance Industries-controlled JioStar formally informing the governing body that it cannot service the remaining two years of its India deal due to deep financial losses, according to an ET report. The ICC has now opened a fresh sale process for the 2026-29 India rights, seeking around $2.4 billion, the report added. The ongoing 2024-27 cycle had been valued at $3 billion (over ₹216 crore) anchored by one major men’s event each year. With JioStar signalling it wants to exit a contract running through 2027, the ICC has approached Sony Pictures Networks India (SPNI), Netflix and Amazon Prime Video to take over the rights. However, none has shown concrete interest because of pricing concerns, executives familiar with the talks have told the aforementioned publication. Email queries to the ICC, SPNI, Netflix and Prime Video remained unanswered as per the report, while JioStar declined to comment. Financial pressures mount JioStar more than doubled its provisions for expected losses on onerous sports contracts in 2024-25 to ₹25,760 crore, up from ₹12,319 crore a year earlier, ET reported. The increase, disclosed in its audited standalone financials, highlights the strain from long-term sports and content deals expected to generate lower-than-cost returns. Before merging with Viacom18, Star India had posted a standalone net loss of ₹12,548 crore in FY24, largely due to ICC-related provisions. Even so, the ICC recorded a $474 million surplus in 2024, reinforcing cricket’s strong economics globally. India: ICC’s biggest revenue pillar India contributes nearly 80% of ICC revenues, underscoring both its dominance and the governing body’s dependence on a single market. Yet the asking price remains steep even for major players such as SPNI, which already holds international rights including ACC ($170m), New Zealand Cricket ($100m) and ECB (over $200m). Earlier this year, SPNI sub-licensed the India–England bilateral series’ digital rights to JioStar to limit financial exposure. Pressure on JioStar has intensified since the ban on real-money gaming- previously cricket’s largest advertiser category, leaving a ₹7,000-crore gap no other segment can fill. Streamers remain cautious Netflix has avoided Indian cricket, focusing instead on premium entertainment and early-stage sports-entertainment formats like WWE. Prime Video’s cricket footprint is also limited; its India-facing New Zealand Cricket deal ends next year and it holds ICC rights only in Australia through 2027. Though global streamers are ramping up live-sports investments, soaring rights costs- especially in the US- have pushed them towards selective bidding. Even if no replacement emerges, JioStar is contractually obligated to honour its deal until 2027. The ICC’s push for a fresh rights sale signals the wider correction underway in India’s sports-media ecosystem. Market recalibration The IOC and FIFA are also struggling to secure expected valuations in India. Executives say monetising bilateral and multilateral cricket remains challenging amid muted ad demand, shrinking pay-TV bases and weak linear-TV profitability. With TV margins under pressure and streaming still loss-making, broadcasters are reluctant to take on large long-term commitments. The Star–Viacom18 merger into JioStar has also created a near-duopoly in sports media, leaving only JioStar and SPNI as serious contenders. Despite rising costs, cricket remains one of the few assured mass-reach drivers in India, making it a strategic, though expensive, proposition. A valuation mismatch JioStar inherited the $3-billion ICC India rights from Disney’s Star India before the merger with Viacom18. Combined, the companies have committed over $10 billion to cricket, making India the world’s most expensive media market for the sport. Many executives viewed the ICC valuation as inflated from day one. SPNI had bid around $1.4 billion, while Viacom18 was understood to have bid roughly $1 billion.
For the previous eight-year cycle ending 2023, Star had paid close to $2 billion. JioStar’s burden increased further when Zee Entertainment withdrew from its commitment to take the ICC TV rights for ~$1.5 billion after its merger with SPNI collapsed. JioStar has since initiated arbitration in London, seeking nearly $1 billion in damages. Rising dollar rates and the weakening rupee have added to the strain, with ICC payments dollar-denominated. Executives told ET that JioStar’s effective burden has climbed to $3.3 billion as the dollar crossed ₹90.