KARACHI: The International Cricket Council (ICC) is grappling with a major challenge ahead of the ICC Men’s T20 World Cup 2026, scheduled to be held in India and Sri Lanka in February–March.
JioStar, owned by the Indian conglomerate Reliance Industries, has officially notified the ICC that it cannot continue operating for the remaining two years of its four-year India media rights agreement due to severe financial losses.
Indian media reports indicate that the ICC has now launched a fresh bidding process for Indian media rights for the 2026–29 cycle, for which it is reportedly seeking around $2.4 billion. By comparison, the ICC’s 2024–27 media rights cycle was valued at $3 billion, with one major men’s event held each year. Following the withdrawal, the ICC has already approached several other broadcasters to salvage the situation.
According to reports, JioStar had secured a four-year contract worth $3 billion for the 2024–27 period but has incurred losses amounting to 25,000 crore rupees within just two years. Other broadcasters reportedly showed little interest in acquiring the rights, and the Indian government’s restrictions on betting-related content added to the financial strain. As a result, JioStar requested that the ICC terminate the agreement. Although the ICC has offered new deals to various broadcasters, it has yet to secure a replacement.
The ICC urgently requires approximately $2 billion in revenue over the next four years to maintain its operations and event schedule. Failure to secure this amount could put next year’s T20 World Cup in jeopardy.
Before its merger with another company, JioStar had reported a net loss of 12,548 crore rupees for the financial year ending March 31, 2024. Nearly 80 percent of the ICC’s total revenue comes from the Indian market, making the situation even more critical for global cricket.
