LAHORE: The Pakistan Cricket Board (PCB) sold out its broadcasting rights in Pakistan region from Aug 2024 to Dec 2026 for just Rs1.72 billion, which is Rs1.48 billion less than its reserve price of Rs 3.2 billion, well-informed sources told Dawn on Thursday.

Last week, the PCB had announced the awarding of the broadcast rights to the consortium of ARY and Tower Sports “for all home international cricket” for the said period.

The PCB said that the rights were awarded “following a transparent tender process” for the 28-month season, which will see Pakistan will host 11 Tests, including seven Tests in the 2024-25 season, 26 ODIs and 24 T20Is. The ODIs include two three-nation ODI series in the current and next season.

However, Dawn has learnt through sources that the amount the PCB received is Rs1.48 billion less than the reserve price.

It is also learnt that Pakistan Television (PTV) had offered Rs1.6bn for the rights, but surprisingly failed to increase the bid amount to compete with the offer of the eventually successful consortium of Rs 1.72bn which ultimately ended the competition.

It is also learnt that the PTV also remained in profit as later it bought the broadcasting rights after securing the sub-licensing for Rs500 million from the consortium.

Therefore, both the consortium and the PTV earned profitable deals but PCB failed to make the most jam-packed season financially.

The PCB could have cancelled the bid process after receiving the offer far less than its reserve price to issue another one to at least achieve the reserve price but chose to settle with the offer of the consortium.

Dawn understands that the PCB first had the reserve price of Rs3.2bn then reduced it to Rs2.2bn but finally again fixed it at Rs3.2bn.

Sources said that despite federal information minister Atta Tarar using his maximum pressure and influence to secure the rights for PTV, the bid committee of the PCB awarded it to the highest bidder.

When contacted, the PCB in its response refused to share the details of the amount stating: “We do not confirm reserve prices or individual bids for confidentiality reasons. However, we can confirm that the rights were sold at more than double the last rights cycle (FTP 2021 to 2024).”

In fact, according to the PEMRA rules and regulations such amounts can be shared with the public.

Published in Dawn, August 23rd, 2024