ICC Faces Crisis as JioStar Withdraws from USD 3 Billion Broadcast Deal

The International Cricket Council is dealing with a major setback just months before the 2026 T20 World Cup, as JioStar, the official broadcaster, has expressed its intention to withdraw from its multi-year media rights deal due to heavy financial losses. This decision impacts the remaining two years of a massive USD 3 billion agreement and leaves the ICC scrambling to restructure its broadcasting strategy for upcoming tournaments.

The 2026 T20 World Cup, scheduled to be co-hosted by India and Sri Lanka from February 7 to March 8, now faces uncertainty on the broadcasting front. JioStar, owned by Reliance Industries, has formally notified the ICC that it will not be able to continue under the current contract because of mounting financial stress and significant losses incurred over the past year.

To keep the media rights process on track, the ICC had already begun inviting bids for the India rights for the 2026-29 cycle, hoping to secure around USD 2.4 billion. However, JioStar’s sudden withdrawal has disrupted this timeline. The original deal covering 2024-27 was structured to include at least one major men’s ICC tournament each year, making JioStar’s exit particularly damaging.

Following the withdrawal, the ICC reached out to several major broadcasters and global streaming platforms. Sony Pictures Networks India, Netflix, and Amazon Prime Video are among those approached. However, none of these companies have shown strong interest yet, mainly because of the high valuation attached to the rights package.

The financial troubles behind JioStar’s exit are substantial. The broadcaster’s standalone audited accounts show a massive jump in provisions for anticipated losses on sports content. These losses rose from Rs 12,319 crore to Rs 25,760 crore in just one financial year, signaling serious monetisation challenges and widening gaps between content acquisition costs and recoverable revenue.

This spike in losses highlights a growing concern in sports broadcasting, where the cost of securing top-tier sports rights is rising faster than the advertising and subscription income generated from them. For JioStar, the pressure reportedly became too high to sustain such a large commitment.

The implications for the 2026 T20 World Cup are significant. With no confirmed broadcaster in place, the ICC’s plans for global coverage and commercial reach have become uncertain. Withdrawing from a USD 3 billion contract also means the extensive multi-year coverage that JioStar was responsible for is now in limbo.

The ICC’s decision to quickly restart the sale process for the 2026-29 cycle reflects the urgent need to stabilise its media rights revenue. Yet the lukewarm interest from potential bidders suggests that securing such high-value deals may be more challenging than before, especially in a market where broadcasters are becoming increasingly cautious.

The financial health of broadcasters has now become one of the most important factors in shaping the media rights landscape. JioStar’s losses make it clear that even large digital platforms face serious hurdles when it comes to recovering the cost of premium sports properties in a saturated and fragmented market.

Since media rights form a major chunk of ICC’s revenue, this disruption presents a critical financial concern. The money generated from these deals funds global cricket development, operations, and tournaments, making the stability of such contracts essential for the organisation.

The ICC’s outreach to digital-first giants like Netflix and Amazon Prime Video shows an evolving shift in the sports broadcasting world. These platforms have shown increased interest in live sports over the last few years, but only when there is a clear path to monetisation. The high valuation of the rights package appears to be a major barrier for them at the moment.

With anticipated losses increasing sharply, the broader challenge becomes even more apparent. The long-standing gap between skyrocketing sports rights costs and the revenue broadcasters can recover continues to widen, forcing companies to rethink their investment strategies.

This leaves the ICC facing a period of uncertainty. Without a confirmed broadcast partner, the 2026 T20 World Cup risks weaker reach and reduced commercial performance. The organisation will need to carefully navigate the next steps to secure a partner capable of delivering both visibility and financial support.

JioStar’s withdrawal highlights the unpredictable and often volatile nature of the media rights market. Whether the ICC can secure a new broadcaster at a valuation close to its expectations will be a key indicator of where the market stands today. The situation also underscores the risks broadcasters face while committing to high-value sports deals.

The ICC’s ongoing search for a new broadcaster for the 2026-29 cycle is crucial for the future of cricket coverage. The outcome will shape the broadcasting environment in India, influence digital expansion, and affect the ICC’s financial planning for upcoming tournaments. This moment serves as a real test of the organisation’s commercial strategy and adaptability.