MUMBAI: In a candid conversation during Indian Express’ Idea Exchange earlier  week that laid bare the tensions between broadcasters and cricket administrators, JioStar vice-chairman Uday Shankar has described the International Cricket Council  (ICC) as "the East India Company of Cricket," accusing the sport's global governing body of exploiting India's cricket economy.

Uday pulled no punches when comparing cricket's global and domestic governance structures. "Contrary to the general perception, I find BCCI to be a far more alive body to engage with its stakeholders compared to the ICC," said Shankar. "The ICC is just here to take the wealth of this country."

Shankar's critique cuts to the heart of cricket's financial ecosystem, where India generates the overwhelming majority of global revenue. "After taking this money, the ICC decides that India must play a country that no Indian is interested in watching India play because they want to develop cricket globally. So it's their agenda and my money," he stated.

The comments come at a pivotal moment for sports broadcasting, with astronomical sums being paid for rights packages. The IPL rights alone cost approximately Rs 48,000 crore, raising questions about sustainability.

Shankar acknowledged the strategic value of major sporting properties while being realistic about their financial burden. "You don't necessarily make money on these big acquisitions," he admitted. "The size of the economy and what the advertising market is like, those things come into play."

He emphasised that cricket has become "one of the most expensive sporting assets in the world" on a unit value basis, with the eight-week IPL tournament costing "more than a billion dollars" – comparable to year-round properties like the NFL or NBA.

This financial pressure has consequences beyond cricket, with Shankar acknowledging that investment in other sports often suffers. Indian fans miss out on events like Formula 1 "because nobody has the money left to buy those rights."

Despite his passion for cricket, Shankar was clear that commercial imperatives would ultimately guide JioStar's bidding strategy. "At the end of the day, we are running a business and if the financials don't make sense, we'll have to walk away," he said.

He pointed out a fundamental challenge: "All the money that you put in is primarily for India and you have to recover it from India. Despite all the talk, it's just the Indian media companies who do that."

In his most pointed comments, Shankar suggested radical reform of cricket's global governance. "The best service that someone like the new chairman of the ICC can do is to ensure that he is its last chairman," he said.
"A disproportionate share of talent comes from India. An overwhelming share of revenue comes from India. And all of it is going everywhere else," Shankar argued, citing the push to include cricket in the Olympics as another example of initiatives that "don't help Indian cricket" but represent "leakage for the money that could have stayed in the Indian cricket ecosystem."

As head of the newly merged Viacom and Star entity valued at $8.5 billion, Shankar recognises the influence his company wields. "Given our reach and platform size, what we do will be followed by everybody else," he said. "As a leader, it is our responsibility to make sure that we take charge of the industry and get it to a good place."

This responsibility extends to content regulation, where Shankar advocates for self-discipline rather than government control. "I don't like the word censorship, but not being responsible towards the people you serve is not an option," he stated, adding that government regulation "stifles creativity" while warning that irresponsible content creators risk external authorities stepping in.

For the former journalist who witnessed the birth of India's 24-hour news cycle and helped launch Aaj Tak, the responsibility of reaching 750 million viewers weighs heavily. "I'll entertain," he said, "but I shall never do anything that I will be embarrassed by myself."

(Picture courtesy: Indian Express. Article content courtesy: Indian Express)