Premier League seals China deal to save rev­enues

The Daily Telegraph - Business - - Sport Football - By Tom Mor­gan

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.”

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.