The International Cricket Council (ICC) and JioStar issued a joint statement on Friday (December 12) evening, dismissing any claims that the latter was attempting to withdraw from the previously negotiated agreement.

It has now been confirmed that JioStar will not terminate the four-year agreement, and all contractual obligations will be met. The joint statement also underlines that preparations for the T20 World Cup are underway, and both sides are committed to delivering a competition that everyone can be proud of.

According to The Economic Times, JioStar, owned by the Reliance Group, has told the ICC that it intends to withdraw from the tournament's media rights agreement. According to the article, JioStar has increased the reserves for predicted sports contract losses in 2024-25, to INR 25,760 crore from INR 12,319 crore the previous year.

However, the joint statement has put an end to all of the rumors, stating that JioStar would broadcast the forthcoming ICC competitions, including the T20 World Cup, which will be held from February 7 to March 8 next year.

“The International Cricket Council and JioStar have noted recent media reports concerning the status of the ICC's media rights agreement in India. These reports do not reflect the position of either organisation. The existing agreement between the ICC and JioStar remains fully in force, and JioStar continues as the ICC's official media rights partner in India. Any suggestion that JioStar has withdrawn from the agreement is incorrect,” the joint statement read.

“JIoStar is fully committed to honouring its contractual obligations in letter and spirit. Both organisations remain focused on delivering uninterrupted, world-class coverage of upcoming ICC events to fans across India, including the ICC Men's T20 World Cup, one of the sport's most anticipated global tournaments,” the statement added.

The ICC and JioStar have both stated that there will be no impact on marketers or industry partners because both parties are taking the necessary steps.

"Preparations for these events are progressing exactly as planned, and there is no impact on viewers, advertisers, or industry partners. ICC and JioStar, as long-term commercial partners, maintain regular communication on operational, commercial, and strategic matters focused on the role the partnership can play in growing the sport," the statement added.

(ICC inputs)