Core Insights - The ICC is initiating a new sale process for India media rights for 2026-29, seeking approximately $2.4 billion, following a previous cycle valued at $3 billion for 2024-27 [1][24] - JioStar has indicated it cannot fulfill its media rights obligations due to significant financial losses, leading the ICC to approach other platforms like Sony, Netflix, and Amazon Prime Video, but interest has been limited due to pricing concerns [1][24] - The Indian market accounts for nearly 80% of ICC revenue, highlighting its critical importance to the sport's financial ecosystem [9][24] Financial Performance - JioStar has more than doubled its provisions for expected losses on sports contracts to ₹25,760 crore for 2024-25, up from ₹12,319 crore the previous year, reflecting the financial strain from long-term sports rights [5][24] - Star India reported a standalone net loss of ₹12,548 crore for the year ending March 31, 2024, primarily due to provisions related to its ICC media rights deal [6][24] - Despite JioStar's losses, the ICC reported a surplus of $474 million in 2024, indicating strong economic fundamentals for cricket [7][24] Market Dynamics - The asking price for ICC media rights remains high, deterring established players like SPNI, which has adopted a conservative approach to cricket rights [10][24] - The ban on real-money gaming has created a significant revenue gap of approximately $840 million (₹7,000 crore) for cricket advertising, further complicating the financial landscape [11][24] - The merger of Star India and Viacom18 into JioStar has resulted in a duopoly in sports broadcasting, limiting options for rights holders like the ICC [17][24] Valuation Concerns - Initial valuations for ICC rights have been viewed as disconnected from market benchmarks, with SPNI bidding around $1.4 billion and Viacom18 approximately $1 billion for combined rights [19][24] - JioStar's financial burden has increased to about $3.3 billion due to rising dollar rates and rupee depreciation, as ICC payments are dollar-denominated [21][25] - Global spending on sports rights is projected to exceed $78 billion by 2030, with Asian spending expected to rise significantly, driven in part by Indian cricket [22][25]