The deal was only signed last year
The Premier League has terminated its biggest TV rights after just one year, it was confirmed today.
Premier League Communications tweeted on Thursday afternoon that the deal, with its Chinese TV rights holders, had been ended effective immediately.
https://twitter.com/PLComms/status/1301482528440758273?s=20
According to New York Times journalist Tariq Panja the deal - with was worth $650 million over the course of three years - was with broadcaster PPTV, which is owned by Chinese conglomerate Suning.
He added that the termination of the deal came after the withholding of a £160 million payment in March.
https://twitter.com/tariqpanja/status/1301483931292913670?s=20
Suning, a retailer which is listed on the Shenzhen Stock Exchange, owns both Chinese Super League side Jiangsu Suning, and Serie A giants Inter Milan.
The postponement of the Premier League season in March due to coronavirus presented the league and its teams with a number of financial questions over their rights deals.
In June of this year, Sky Sports - the biggest rights holder in the United Kingdom - agreed a £170 million rebate with the Premier League over loss of earnings, a rebate which is being deferred until the 2021/22 season.
The agreement was reached after Sky was forced to reduce subscription costs to appease customers, which all sport interrupted by the pandemic.
