Premier League terminates its biggest overseas TV deal after one year
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.
The Premier League confirms that it has today terminated its agreements for #PL coverage in China with its licensee in that territory.
The #PL will not be commenting further on the matter at this stage. pic.twitter.com/2TuwZeM9m4
— Premier League Communications (@PLComms) September 3, 2020
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.
Wow. The Premier League has announced it has terminated its biggest overseas TV contract, with PPTV in China. Was worth $650m over three seasons. Deal terminated after one season. Another big hole in clubs’ finances that will now need to be filled.
— tariq panja (@tariqpanja) September 3, 2020
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.