Broadcaster Star India paid $420 million as compensation to the Board of Control for Cricket in India (BCCI), Cricket Australia and Cricket South Africa for scrapping the unpopular club-based tournament Champions League T20 (CLT20). Star and the BCCI agreed to terminate the programme rights to CLT20, a loss-making property for the broadcaster which had acquired the ten-year commercial rights in 2008 for a whopping $975 million. With the event failing to draw big audiences and revenues, Star wanted to exit before the expiry of the contract. The compensation of $420 million, paid in July 2015, is inclusive of service tax. CLT20 is jointly owned by the BCCI, Cricket Australia and Cricket South Africa.
Read more at: http://www.televisionpost.com/television/420-mn-is-what-star-india-paid-to-get-out-of-champions-league-t20/ | TelevisionPost.com
Read more at: http://www.televisionpost.com/television/420-mn-is-what-star-india-paid-to-get-out-of-champions-league-t20/ | TelevisionPost.com
