Premier League seals China deal to save revenues
The Premier League has eased some of the immediate financial pressure facing clubs by signing up a new Chinese broadcasting giant just a fortnight after being forced to terminate a £564 million deal.
A one-year digital streaming agreement with internet giant Tencent may be worth as little as £20million up front – dramatically less than the previous three-year contract with PPLive Sports International, which had defaulted on a payment during the pandemic.
However, instead of paying a one-off fee, Tencent have agreed to share profits on subscriptions with the league, assuring clubs they will not be out of pocket.
Tencent had plenty of room to secure a relative bargain as PPLive had already paid 50 per cent of its previous agreement for this season.
Richard Masters, the Premier League chief executive, and his director of broadcasting, Paul Molnar, had scrambled to secure a quick agreement after tearing up the previous deal over an unpaid £160million bill from PPLive’s parent company, Suning Holdings.
The Premier League said in a statement shareholders had “unanimously agreed” to the new partnership, while Masters added: “We are excited to have agreed this partnership with Tencent, ensuring our supporters in China can enjoy following Premier League action.”