Seven Awarded A $5.3 Million Discount From Cricket Rights Deal
Seven West Media has been awarded a $5.3 million fee reduction from its current media rights agreement with Cricket Australia.
The expert appointed by the Australian Centre for International Commercial Arbitration also found that Seven is entitled to a further $3 million reduction if the Afghanistan Test is not rescheduled for the 2021-22 cricket season.
The money will be deducted from the next scheduled rights fee payment.
“Seven West Media has to date reserved and continues to reserve all rights concerning the expert not having met fundamental contractual conditions of independence under the media rights agreement,” Seven said in a statement.
The Herald reports that Seven had been trying to retrieve around $70 million from its $82 million deal to cover the sport.
Prior to the arbitration process, Cricket Australia had offered Seven a 20 per cent reduction, which would have equated to more than $15 million.
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