BCCI boss Jay Shah likely to replace Greg Barclay as new ICC chairman amid $4.5 billion TV rights fight

News Network
August 21, 2024

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The Board of Control for Cricket in India (BCCI) secretary Jay Shah is all set to replace the incumbent Greg Barclay as the new chairman of the International Cricket Council (ICC), according to media reports. 

The development comes amid a $US3 billion ($4.46 billion) dispute between the governing body and its major broadcast rights holder Star, which is seeking relief from the enormous deal it signed with the ICC in late 2022 for the rights to broadcast global cricket events into India from 2024 to 2027.

Star chiefs want to renegotiate the deal and reduce its value by up to half, potentially meaning the loss of millions of dollars from the budgets of major cricket countries over the next four years.

ICC directors have been served with a reduction notice from Star, a trigger for renegotiating the rights or possibly moving to “blend and extend” the deal on revised terms for a longer period.

Star’s winning bid for both TV and digital rights, of some $US3 billion over four years, was made on the understanding that it would on-sell a portion of the deal to ZeeTV, which in turn was in the process of a merger deal with Sony.

However with the ZeeTV-Sony merger collapsing, ZeeTV has likewise backed out of sub-licensing the ICC rights, leaving Star to foot the entire bill. The company’s discomfort with the cost of winning the rights was underlined by an unsuccessful request, earlier this year, to relocate the T20 World Cup from the USA and the Caribbean to India.

Barclay told ICC directors, including Cricket Australia's chair Mike Baird, that he has no intention of running for the post, for the third term during a video conference. His decision comes after being informed of Jay Shah's intentions to replace him in November. Shah has the backing of cricket boards from England and Australia, and hence, has the numbers to do be crowned the as the chief of the ICC.

ZeeTV and Star are fighting out the circumstances of their collapsed deal in the London Court of International Arbitration. At the same time, Star is in the process of being sold by Disney to the Indian conglomerate Reliance Industries, which owns the broadcaster Viacom18.

Jagmohan Dalmiya (1997 to 200) and Sharad Pawar (2010-2012) are the only two Indians who have held the position of ICC's chief in the past. Shah, who is also the son of India's home minister Amit Shah, will become the third to do so when he officially replaces Barclay in November.

"ICC chair Greg Barclay confirmed to the board that he will not stand for a third term and will step down from the post when his current tenure finishes at the end of November. Barclay was appointed as the independent ICC chair in November 2020, before being re-elected in 2022," an ICC spokesperson told The Age.

"Current directors are now required to put forward nominations for the next chair by 27 August 2024 and if there is more than one candidate, an election will be held with the term of the new chair commencing on 1 December 2024."

As per ICC rules, the chairman's election comprises of 16 votes and now a simple majority of nine votes is required (51%) for the winner. Earlier, to become the chairman, the incumbent needed to have two-third majority.

He enjoys a lot of goodwill with most of the 16 voting members. Currently, Shah has another one year left as the BCCI secretary before going on a mandatory cooling off period of three years from October, 2025.

As per the BCCI constitution approved by the Supreme Court, an office bearer can stay for six before he needs to go for a cooling off of three years. In all, a person can stay in office for a cumulative period of 18 years, -- nine in state association and nine in BCCI.

If Shah decides to move to ICC with a year of his secretaryship still left, he will have four years left in the BCCI.  At 35, he will become the youngest chairman in the history of ICC.

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News Network
November 18,2024

Advisors to US President-elect Donald Trump have instructed his allies and associates to refrain from using the inflammatory language they previously employed when discussing issues related to migrants and the deportation of asylum seekers, in a bid to avoid “looking like Nazis.”

US media reports said that Trump’s associates had been asked to stop using the word “camps” to describe potential facilities that would be used to accommodate migrants rounded up in deportation operations across the country.

The reports said the US president-elect’s allies had been ordered to stave off such charged terms as they would bring to mind “Nazis,” and be used against Trump.

“I have received some guidance to avoid terms, like ‘camps,’ that can be twisted and used against the president, yes,” one Trump ally told American monthly magazine Rolling Stone.

“Apparently, some people think it makes us look like Nazis.”

The presidential advisers also cautioned surrogates and allies to keep racist terms, which have dogged Trump’s campaign, out of their remarks.

They said with Trump’s heated rhetoric that used to compare undocumented immigrants to “animals” and his slight that they are “poisoning the blood of our country,” detractors did not need to reach too far to find parallels to Nazi Germany.

Stephen Miller, who Trump tapped to be his deputy chief of staff of policy, specifically used the word “camps” to describe holding facilities that he hoped the military could put together for immigrants.

Tom Homan, who served as the acting director of Immigration and Customs Enforcement and is chosen by Trump to be in charge of the US borders, was no stranger to such language.

“It’s not gonna be a mass sweep of neighborhoods,” he said in an interview earlier this week. “It’s not gonna be building concentration camps. I’ve read it all. It’s ridiculous.”

Becoming a little more forthright about the new government’s aggressive deportation plans, Homan likened the early days of the Trump administration to the initial invasion of Iraq in 2003.

“I got three words for them – shock and awe,” he said. “You’re going to see us take this country back.”

Trump made immigration a central element of his 2024 presidential campaign but unlike his first run, which was mainly focused on building a border wall, he has shifted his attention to interior enforcement and the removal of undocumented immigrants already in the United States.

People close to the US president and his aides are laying the groundwork for expanding detention facilities to fulfill his mass deportation campaign promise.

The businessman-turned-politician deported more than 1.5 million people during his first term.

The figure do not include the millions of people turned away at the border under a Covid-era policy enacted by Trump and used during most of Biden’s term.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 13,2024

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Bengaluru: An estimated overall 10.14 per cent voter turnout was recorded during the first two hours, since the voting began for bypolls to three Assembly segments in Karnataka on Wednesday, election officials said.

The voting began at 7 am and will go on till 6 pm.

More than seven lakh voters are eligible to cast their votes in about 770 polling stations in Shiggaon, Sandur and Channapatna, where a total of 45 candidates are in the fray.

While Channapatna recorded 10.34 per cent voter turnout till 9 am, it was 10.08 per cent in Shiggaon, and 9.99 per cent in Sandur, election officials said.

Voters, including women and elderly were seen queuing up in front of polling booths in these segments.

By-polls for Sandur, Shiggaon, and Channapatna are necessitated, as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister H D Kumaraswamy of JD(S) -- to Lok Sabha in May elections.

As many as 31 candidates are in the fray from Channapatna, while Sandur and Shiggaon have six and eight contenders, respectively.

Elaborate security arrangements have been made in the three segments for the smooth conduct of the polls.

The by-polls will witness a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance is in contest against the grand old party.

Among the three segments, Channapatna is considered to be a "high profile", where the contest is between C P Yogeeshwara, a five time MLA from the segment and former Minister, who joined the Congress quitting BJP ahead of nomination, and actor-turned -politician Nikhil Kumaraswamy, who is Kumaraswamy’s son and former PM H D Deve Gowda's grandson.

BJP's Bharath Bommai, son of Basavaraj Bommai, is fighting Congress Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls, in Shiggaon.

Bharath Bommai and his father cast their vote at a polling booth in Shiggaon segment.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress is contesting from the seat vacated by her husband, against, BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Annapurna, Tukaram and other family members cast their votes at a booth in the segment.

With Nikhil Kumaraswamy and Bharath Bommai contesting, the third generation of Gowda and Bommai families are in the fray in this by-poll. Both their fathers and grandfathers have served as Karnataka's Chief Ministers in the past.

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