Looking to sell minority stake, says Neo Sports Broadcast

New Delhi: Neo Sports Broadcast Ltd, a subsidiary of Nimbus Communications is considering selling minority stake in the company.

“We can confirm that NEO was considering a minority investment from a strategic or a financial partner,” Neo Sports Broadcast President Marketing Sorbojeet Chatterjee said.[caption id=“attachment_185699” align=“alignleft” width=“380” caption=“Selling stake. Image courtesy Neo Sports”]  [/caption]

According to reports, media conglomerate Bennett, Coleman and Co Ltd (BCCL) has joined the race to buy channels Neo Cricket and Neo Sports which are run by Neo Sports Broadcast.

“There have been multiple offers of varying size of investment. However, due to the confidential nature of all the agreements, we can’t disclose any of the names,” Chatterjee added.

More from Fwire

BCCI earned more than Rs 2,400 crore in IPL 2022, reveal documents Eight Russian judokas barred from world championships after Ukraine boycott

When contacted BCCL, CEO Ravi Dhariwal said: “The reports are clearly speculative and I would not want to comment on speculation.”

While NEO Sports has rights for sports events such as German Bundesliga football league, US PGA TOUR, ITF Davis Cup and Fed Cup events, WTA TOUR Women’s Tennis, NASCAR , BWF among others.

NEO Cricket on the other hand is broadcast in more than 25 countries covering Middle East, South East Asia and North America including USA and Canada, according to its website.

Neo Sports Broadcast Ltd’s parent firm Nimbus Communication has been facing financial problems. The BCCI had terminated their four-year-deal signed in October 2009 for a whopping Rs 2,000 crore for telecast of cricket matches to be played in India after non-payment of dues by the broadcaster.

The cricket board had even threatened to forfeit the company’s bank guarantee of Rs 2,000 crore but the broadcaster got a relief from the Bombay High Court.

PTI