Premier League has officially terminated its contracts with Chinese broadcast partners PPTV, the league confirmed via an official statement on Thursday.
PPTV, also knows as PP Sports, is an online streaming platform based in Shanghai, China. They had signed a three year deal worth around £500 million broadcasting contract with Premier League back back in July 2019, to broadcast the Premier League seasons until 2022.
Premier League ends deal with PPTV over payment dispute
It has been understood that a payment withhold of £160 million which happened in March this year has been the reason behind PL’s decision to terminate the contract with immediate effect.
“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,” Premier League’s official statement read.
PPTV’s parent company is Suning Sports, is a subsidiary of Suning Holdings Group which holds about 70 percent stake in Inter Milan. They were the only company to hold the broadcasting rights for Premier League in China and the Macau region.
“After many rounds of talks, there remain disagreements on the value of rights between PPTV and the Premier League. Regrettably we have not reached an agreement with the Premier League,” read a statement from PPTV.
“Despite PPTV paying more than the copyright cycle fee to Premier League in advance, as agreed, PPTV will terminate its cooperation with the Premier League.”
The 2019-20 Premier League season was suspended on 13th March 2020 on the onset of the novel Coronavirus pandemic, and resumed on 17th June. The 2020-21 season, initially scheduled to start from 8th August, was pushed back to 12th September.