I expected a larger figure after 10 years of success, says Lalit Modi after Star India's Rs 16347.5 crore bid for IPL media rights

PTI

New Delhi: At the end of a two-hour long session it was Star India who bagged the IPL media rights for the next five years from 2018-2022 after they put forth a whopping INR 16347.5 crore as a bid, today. But former Indian Premier League chairman Lalit Modi seemed to have been expecting a little more than that.

In an intense bidding war that witnessed some of the biggest companies like Star India, Sony Pictures and ESPN lock horns at Mumbai, to grab the media rights of the cash-rich league for the next five seasons, it was Star India who bagged the rights with a colossal INR 16347.5 crore. Sony, who had the rights for the last 10 seasons, had put forth, INR 11050 crore. Ergo, HotStar would be used a platform for Live Streaming.

The bidding results have certainly benefitted BCCI as they would now be earning double the amount in a matter of five years. INR 3270 crore is what the board would make each year owing to the right. Also, the board would be earning INR 55 crore from a single IPL match compared to an international match featuring India where BCCI will earn INR 43 crore.

Despite the whopping amount, former chairman of IPL, Lalit Modi felt that considering the league's massive success over the last seasons the amount should have been way more than Star India's INR 16347.5 crore.

So #StarSports wins global rights for @IPL I would've hoped a larger figure Deserved greater value after 10yrs of success #IPLMediaRights pic.twitter.com/F5Gw0lVZ4b

— Lalit Kumar Modi (@LalitKModi) September 4, 2017

Looking forward to seeing a number greater or equal to 5 billion US Dollars for @ipl rights over the next 5 years.Most valuable sports right — Lalit Kumar Modi (@LalitKModi) September 4, 2017

Amazing to see #Sony bid 11050 cr for India @facebook bid 3900 cr for digital rights That's the power of #IPL brand #iplmediarights pic.twitter.com/j3Ff57NIwv — Lalit Kumar Modi (@LalitKModi) September 4, 2017

In fact, Modi gave a little interesting information about the IPL Media rights value. His tweet read as – "In a lighter vein, @ 16000 crore INR, #IPLMediaRights value is equal to GDP of Maldives and MORE than GDP of Bhutan."

In a lighter vein, @ 16000 crore INR, #IPLMediaRights value is equal to GDP of Maldives and MORE than GDP of Bhutan #IPL — Lalit Kumar Modi (@LalitKModi) September 4, 2017

On August 12, the 50-year-old had announced his resignment from all cricket administrations. Back in 2010, Modi was suspended by BCCI on grounds of allegations about tax evasions and money laundering.