The Premier League have terminated a contract worth £523million with Chinese streaming service, PPTV. The agreement was to show 380 Premier League matches per season between 2019-22.
The streaming service failed to make their first £160m payment to the Premier League back in March.
That money has stoll not been fortcoming forcing top flight officials to make a decision.
A short statement from the Premier League on social media said: “The Premier League confirms that it has today terminated its agreements for Premier League coverage in China with its licensee in that territory.
“The Premier League will not be commenting further on the matter at this stage.”
PPTV are owned by Suning, the same company who also own Chinese Super League side Jiangsu Suning.
Serie A giants Inter Milan are also under the control of the retail giant.
The company turned over a huge £28billion in the last financial year suggesting the missed payment may be to do with something else.
The Premier League struck the deal back in 2016 when a number of companies were also buying English football clubs.
Chinese President Xi Jinping was leading a drive for businesses to invest more in football to try and help grow the game in the country.
PPTV’s £523million deal was 12 times more than previous rights holders Super Sports Media were giving to the Premier League.
Tensions between the British and Chinese governments have escalated since then though.
Prime Minister Boris Johnson decided to block Chinese technology giant Huawei’s involvement in the UK’s new 5G network.
That has soured relations between the two nations.
The Premier League now have a black hole in their finances they will be desperate to fill.
Published at Thu, 03 Sep 2020 12:55:00 +0000