Star Times broke, faces liquidation

Star Times broke, faces liquidation

STAR TIMES BROKE, FACE LIQUIDATION

By Jonathan Rest

StarTimes, the Chinese company that owns ZNBC and other channels in sub-Saharan Africa, is facing the threat of a winding up order after failing to pay BeIN Media Group for rights to French soccer’s Ligue 1, GlobalData Sport can exclusively reveal.

GlobalData Sport also understands that the broadcaster, part of Hong Kong-based holding company Century Sun, has delayed payments to other rights-holders, albeit these have not escalated to legal proceedings as yet.

StarTimes has been expanding its portfolio of top-tier soccer in recent years – in August last year it landed non-exclusive French language rights to Spanish soccer’s LaLiga for four years, and other competitions it is showing in the 2020-21 season include Spain’s Copa del Rey, England’s FA Cup, Italy’s Coppa Italia and Europe’s Uefa Europa League and delayed 2020 European Championships.

However, it is the deal struck mid-way through 2018 for the English- and local-language rights to Ligue 1 and other French soccer properties in sub-Saharan Africa that has brought to light the financial difficulties facing the broadcaster.

Having failed to make any payments for those rights, StarTimes is currently in debt to BeIN to the tune of close to $11 million, including interest, according to the court petition.

After the matter was taken to the courts in Hong Kong, a new monthly payment plan instigated by StarTimes was agreed upon by the two parties prior to the start of the 2019-20 season, but StarTimes missed the first instalment due on 1 October.

Talks between the two parties’ legal representatives since have failed to reach a conclusion, with BeIN, which holds international Ligue 1 rights from 2018-19 to 2023-24, having now taken the decision to issue a winding up order on StarTimes.

In the 2018-19 season StarTimes cited the tough economic climate in Africa for failing to make payments and said this, coupled with the impact of the Covid-19 pandemic across the continent, had exacerbated the financial sit

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COMMENTS

WORDPRESS: 3
  • comment-avatar

    Star Times does not own ZNBC, it is a shareholder in Topstar, which is jointly owned with Indeco through ZNBC. Do not show such blatant ignorance when writing a story it diminishes your standing as an institution of integrity and leaves people thinking that you are merely guttersnipes with an axe to grind. Get it right please!!!

  • comment-avatar
    Buck Teeth Lungu 2 weeks ago

    I hope that the liquidation of Startimes will lead to the liquidation of some of their prized assets like PF ZNBC. Chinese propaganda should stop.

  • comment-avatar

    CHINA CANNOT FOLD UP WE SHALL ZAMBIA SHALL PAY THROUGH OTHER PROJECTS LIKE THE LUSAKA DECONGESTION PROJECT, LEVY MWANYAWASA HOSPITAL ETCC