The International Cricket Council (ICC) is in a difficult situation just two months before the 2026 T20 World Cup in India and Sri Lanka, after Reliance Industries-controlled JioStar informed the governing body that it intended to withdraw from the media rights arrangement for the competitions.
According to the Economic Times, the decision comes despite having two years remaining on the four-year contract and is the result of severe financial losses.
Following JioStar's formal notice, the ICC resumed the sale of media rights in India for the 2026-29 cycle, seeking USD 2.4 billion, according to the article. In comparison, the ICC's 2024-27 rights, which included at least one men's event every year, were worth USD 3 billion.
The report further added that, as per sources, the ICC sought Sony Pictures Networks India (SPNI), Netflix, and Amazon Prime Video, but none expressed interest owing to the hefty price, putting the council in a difficult situation. If ICC fails to find a new broadcaster, JioStar will be forced to fulfill the remaining contract until 2027.
JioStar doubled the provisions for expected losses on sports contracts in 2024–25, rising to INR 25,760 crore from INR 12,319 crore the previous year. The value came after an audit reflected the pressure from long-term sports and content rights that are expected to yield less revenue than their costs.
Prior to the merger with Viacom18, Star India declared a net loss of INR 12,548 crore for the fiscal year ended March 31, 2024, owing mostly to an INR 12,319-crore provision for a pricey ICC media rights agreement, according to a regulatory filing. In comparison, the ICC reported a USD 474 million profit in 2024, indicating cricket's robust economics, despite JioStar's significant losses.
JioStar's financial woes worsened following the Indian government's prohibition on real-money gaming, which had previously been the sport's single largest advertiser. According to the research, the exit of real-money gaming and fantasy platforms such as Dream11 and My11Circle left a deficit of approximately USD 840 million (INR 7,000 crore).
Sony Pictures Network, despite being one of the major sports broadcasters in India, feels that ICC’s price tag is still too high. Sony has substantial international properties, which include the Asian Cricket Council package worth around USD 170 million, New Zealand Cricket rights valued at USD 100 million, and England and Wales Cricket Board rights exceeding USD 200 million.
However, Sony had to sub-license digital media rights for India’s 2025 tour of England to JioStar to mitigate financial risk.
On the other hand, Netflix is still new to the sports broadcasting scene, with only a deal with WWE in its kitty. Amazon Prime Video, meanwhile, has a partnership with New Zealand Cricket until the end of 2026 and holds the ICC rights in Australia till 2027.
