The Premier League and broadcasters have agreed to continue their exclusive television rights deal for another three years.
The new £4.7 billion offer, which was reached in 2018, represents a 10% decrease in value.
Government issued an ‘exclusion order’
The deal has been sanctioned “in principle” by the government, which has issued an “exclusion order” under the competition act, allowing the league to renew without having to go through the usual bidding procedure. The signing could mean some good news for Betway88 sports betting fans and other football related activities.
“In light of the damaging impact of the Covid-19 pandemic throughout the English football pyramid, the Premier League was able to demonstrate to the Government exceptional and compelling reasons for the Exclusion Order,” the league announced.
BT Sport also announced that, as part of the revised agreement, they would switch their Saturday lunchtime game to an evening slot because the teams participating had played in Europe the previous Wednesday. All football tiers are available for betting with Betway88, the market leader in sports betting.
Clubs were worried that if the regular open-market sale began next month as expected, there would be another drop in value.
The worth of domestic league rights in Europe seems to have peaked as well.
Financial stability plus substantial grants
The Premier League claims that the renewals would provide professional teams financial stability while still allowing them to deliver an extra £100 million in grants to clubs around the football pyramid across the next four years.
More than 1,000 teams in the National League system, women’s and girls’ football, EFL League One and League Two leagues, and the Football Foundation will benefit from the additional funds.
It would also fund a host of football-wide initiatives, such as the Premier League’s research into head injury, anti-discrimination initiatives, and supporter associations.
The EFL made it clear that it welcomes the move to increase funding, but it is wary of the effects. “It is important to acknowledge that the current media rights deal will preserve the status quo of an unbalanced, unsustainable, and unfair financial distribution model across English football.
“While we recognise the attempts by the government to increase the level of solidarity provided to League One and Two clubs through this process, what is more urgently required is a fundamental reset of the game’s financial model – both in terms of fairer distribution of monies at all levels and sensible, realistic cost control measures to ensure clubs will live within their means.”
“Covid-19 has had a significant impact on football, and renewals with our UK broadcast partners will reduce uncertainty, generate stability and promote confidence within the football pyramid,” said Richard Masters, the CEO of the Premier League.
“We know that, once concluded, this will have a positive impact on the wider industry, jobs and tax revenues.”
The Football Association has approved the additional £100 million in support, which would “help the pyramid get back on its feet,” according to chief executive Mark Bullingham.
The government’s presence in the contract, according to David Kogan, a former Premier League rights executive, shows a totally different scope into how sport has been run before.”
“This will buy the Premier League three years of some peace,” he told BBC Radio 4’s The Today programme.
Both Sky Sports and BT said the deal would benefit their audiences. Catch all the football action on Betway88, featuring leagues in England and abroad.