London – LAWFUEL – Legal Newswire – DLA Piper is delighted to congratulate its client Sony Entertainment Television on its purchase of television rights in the BCCI’s new Indian Premier League (IPL) cricket event. This groundbreaking deal gives Sony Entertainment Television exclusive broadcasting rights in the world’s largest cricket broadcast market, India, for the hotly anticipated Twenty20 cricket league. World Sports Group secured the non-Indian rights. This deal, with a combined value in excess of US$1 billion, will be one of the biggest cricket deals anywhere in the world this year.
The IPL is due to start in April 2008 and includes 59 matches over 44 days with US$3 million first prize – surpassing the US$1.9 million that was at stake in last year’s World Twenty20 championship in South Africa. The league has eight teams, all based in different Indian cities, the franchises for which have been sold for a combined US$700 million for 10-years. When combined with the US$1 billion TV rights deal and the recently announced title sponsorship arrangement (reported to be worth approximately US$ 50 million), the league has amazing revenue even before a ball has been bowled.
Sony Entertainment Television was advised by a team from DLA Piper’s Technology, Media and Commercial Group, led by partner Nick Fitzpatrick. Nick commented: “This is a truly fascinating project and one with which we are proud to be involved. The IPL will have a big impact on world cricket and helping Sony Entertainment Television on this deal was particularly satisfying”.
Nick was assisted in the deal by solicitors Patrick Mitchell and John Cloke.