ICC Scrambles to Renegotiate $3 Billion Media Rights Deal

ISLAMABAD: Global cricket finances face mounting pressure as the International Cricket Council (ICC) is pushed into backroom renegotiations with media rights holder JioStar, less than two months before the T20 World Cup. According to industry sources, the ICC is considering a 20% reduction in the value of its existing $3+ billion India market deal (2024–27), after JioStar indicated it cannot sustain the agreement under current economic conditions.

Though both ICC and JioStar have not commented publicly, sources say discussions with potential partners — including Sony, Netflix, and Amazon — remain verbal, leaving room for renegotiation. The situation echoes a similar development in 2024 when Disney Star expressed interest in exiting the contract, raising concerns about the viability of hosting the T20 World Cup in the USA–West Indies.

Despite the impasse, insiders believe JioStar is unlikely to walk away outright due to contractual obligations and substantial existing cricket investments, including IPL and BCCI rights. Negotiations have also touched on future media tenders, with the ICC exploring longer eight-year cycles (2028–35) to improve financial viability.

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The stakes are high: over 85% of ICC’s global revenue comes from this media rights deal. A 30% revenue dip in the next cycle is already being discussed among member boards — a potential blow for cricket nations heavily reliant on ICC funding.

If the current crisis stabilizes, formal work on the next tender cycle is expected to begin in March 2026, with finalization by mid-2026.