The new PSL sponsorship from Betway, dubbed 'The biggest single investment in South African sport' by company CEO Laurence Michel, could influence the value of the next broadcasting deal.
As previously reported by Kickoff, the exit of MultiChoice from sponsoring the PSL, a year before their contract with the League could come to an end, has been influenced by the ongoing bid of French company Vivendi, currently the majority shareholders of MultiChoice, the parent firm of DStv and SuperSport, to buy all the shares of the JSE-listed company.
Ironically, the PSL's broadcasting deal with SuperSport lapsed at the end of the 2023/24 season, following an extension ahead of the 2019/20 campaign for a period of five years.
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Despite concluding the Premiership sponsorship with Betway, worth R900 million over three years, the League has remained mum on the future of their broadcast partner SuperSport, which is owned by MultiChoice.
The PSL opened tender for companies to bid for the TV rights from 2024 to 2029 two years ago, which SuperSport were believed to be the favourites to secure another broadcasting deal.
It remains unclear whether SuperSport will be rebranded once Vivendi, which owns broadcasting company Canal+, completes the purchase of MultiChoice, but the company (MultiChoice) is seemingly still poised to secure the broadcasting rights with the PSL.
However, Betway's sponsorship of R900 million for three seasons could raise the value of the TV rights significantly, for the next five years, with a new broadcasting deal yet to be announced.
Although PSL Chairman Dr. Irvin Khoza did not discuss directly on how MultiChoice ceasing to sponsor the League, affects broadcasting rights with SuperSport, Khoza alluded that the price of the TV rights is determined by the market.
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"You know I'll never forget the experience when we put the ITT to tender [invitation to tender], in 2007 [which was won by MultiChoice's SuperSport], we never put a reserved price, we said the market must determine the price," Dr. Khoza said at the press conference to announce the betting company as the new sponsor.
At the time, the broadcasting deal with SuperSport was worth R1 billion over five seasons and increased over renewals to R2,2 billion from the last renewal in 2019.
The new broadcasting deal could jump significantly, influenced by Betway's commitment, as the TV rights since SuperSport came on board were the biggest source of revenue for the League.