Photo Credit: LinkedIn Profile Photo of Uday Shankar
JioStar Vice-Chairman Uday Shankar expressed his strong frustrations with the International Cricket Council (ICC), referring to it as “the East India Company of Cricket” during a conversation at the Indian Express’ Idea Exchange earlier this week. His sharp critique accused the ICC of taking advantage of India’s cricket-driven economy while offering little in return for the country’s major contributions to the sport.
Shankar wasted no time in contrasting the ICC with India’s domestic cricket body, the Board of Control for Cricket in India (BCCI). He remarked, “Contrary to the general perception, I find BCCI to be a far more alive body to engage with its stakeholders compared to the ICC,” further arguing that the ICC exists “just here to take the wealth of this country.”
These comments shine a light on the financial structure of cricket, where India is the key revenue engine. Shankar pointed out the imbalance when he said, “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.”
This critical perspective comes at a time when the sports broadcasting landscape is grappling with astronomical investments. For example, the IPL’s media rights alone were sold for a staggering Rs 48,000 crore, sparking discussions about the long-term viability of such high-stakes spending.
While Shankar acknowledged the importance of these high-profile sports acquisitions, he also admitted the inherent financial risks. “You don’t necessarily make money on these big acquisitions,” he explained, emphasizing that the broader economy and advertising market play a crucial role in determining profitability. He further stressed that cricket has become “one of the most expensive sporting assets in the world,” with the IPL’s eight-week duration now costing “more than a billion dollars”—comparable to year-round sports like the NFL or NBA.
This financial pressure, according to Shankar, has consequences that extend beyond cricket. He noted, “Indian fans miss out on events like Formula 1 because nobody has the money left to buy those rights,” acknowledging that the intense focus on cricket often leaves other sports in the lurch.
Despite his passion for the sport, Shankar made it clear that commercial interests would guide JioStar’s approach to bidding. “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 to the challenge broadcasters face in recovering their investments: “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 advocated for a complete overhaul of global cricket governance, suggesting that the new ICC chairman’s most valuable contribution would be to make sure he is “the last chairman” of the organization. Shankar argued that India’s contribution—both in terms of talent and revenue—has been disproportionately high, but the wealth generated has been funneled elsewhere. “An overwhelming share of revenue comes from India. And all of it is going everywhere else,” he said, pointing out that initiatives such as cricket’s bid for Olympic inclusion don’t benefit Indian cricket but instead represent “leakage for the money that could have stayed in the Indian cricket ecosystem.”
As the head of the newly merged Viacom and Star entity, valued at $8.5 billion, Shankar is acutely aware of the influence his company has over the industry. “Given our reach and platform size, what we do will be followed by everybody else,” he said. With this responsibility comes a need for leadership, which Shankar believes should steer the industry toward a sustainable and equitable future.
This leadership role also extends to content regulation, where Shankar is a strong advocate 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 said, cautioning that government regulation “stifles creativity” and could lead to external oversight if content creators act irresponsibly.
Reflecting on his own journey, Shankar, a former journalist who helped pioneer India’s 24-hour news cycle with Aaj Tak, recognized the weight of his current responsibility. “I’ll entertain,” he said, “but I shall never do anything that I will be embarrassed by myself.” With a reach of 750 million viewers, Shankar is keenly aware of the power of his platform and the responsibility to set a positive example.
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Name of Author: Cricexec Staff
