SuperSport and Cricket South Africa's (CSA) announced joint venture in June to establish a new, annual T20 cricket tournament has imploded and comes after 2017's botched attempt to establish this new tournament.
CSA and SuperSport announced in June that they would form a new company, Newco, in which CSA would be the majority shareholder and both contributing capital to fund the new venture.
That plan has now derailed with SuperSport announcing that it has dumped the proposed joined venture with CSA to do the T20 tournament. If CSA pulls the T20 off on its own - scheduled for November 2018 - SuperSport would however still be interested in acquiring broadcasting rights to it.
"This is unfortunate. We reached an in-principle agreement with CSA regarding co-ownership of this event in June this year," says Gideon Khobane, SuperSport CEO.
"Since then, the parties have been engaged in amicable discussions regarding the details of the proposed relationship. We have used our best endeavours to reach consensus with CSA around that shareholding model, but this has unfortunately not happened. The discussions on the in-principle shareholding agreement terminated on 23 July 2018."
"We have therefore decided to discontinue negotiations about shareholding. We are, however engaged in constructive discussions with CSA regarding the broadcast of the event."
