Refund On The Cards As Seven Prepares For Uncertain Olympic Year
Seven West Media will be refunded the money it has paid for the rights to the 2020 Olympics should the event be cancelled.
According to the Sydney Morning Herald, Seven is currently preparing for “a year without the Olympics”, despite last week revealing its broadcast team for the event.
The IOC is believed to have set up a $1.365 billion reserve fund earlier this year, as it deals with the very real possibility of the first Olympics cancellation since 1940.
There is a belief that Seven West Media ultimately stands to benefit should the games be called off.
Although the network is believed to have already booked $90 million in revenue ahead of the event, the refunded money could be put towards clearing the millions in debt currently facing the company.
Seven secured the rights for the Tokyo Games as well as the Rio De Janeiro Olympics and the winter games in PyeongChang, South Korea back in 2014 as part of a deal believed to be worth $200 million.
Seven will also be dealing with the reality of the upcoming AFL season being disrupted as a result of the virus.
Seven, Foxtel and Telstra currently pay a combined $418 million per year for the rights to the AFL, as part of a deal negotiated in 2015.
Although there has been no official announcement, it seems inevitable the AFL season, which was set to start this week, will be hit by the virus.
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