Inside the Economics of an India-Pakistan World Cup Clash

An India-Pakistan match is a major event in world cricket. When the International Cricket Council (ICC) sells its media rights, a key discussion point is often the number of India-Pakistan games in that rights cycle. But is one contest truly worth $250 million, as widely speculated?

An industry insider familiar with ICC media rights questioned this: "If only it was so expensive… the ICC would be the richest sporting body in the world."

For perspective, consider Sony Sports' Asia Cup deal worth about $170 million for four editions. India and Pakistan play more often in the Asia Cup than in an ICC cycle. In one Asia Cup, the rivals face off at least twice, with a potential third match in the final. Over the deal, there could be roughly 10 high-voltage clashes. This suggests a value of about $17 million per game.

However, this inference has flaws. Other India games in the Asia Cup average around $10 million each, while non-India games carry less financial weight. A more reasonable estimate is that an India-Pakistan Asia Cup game is valued around $15 million.

The Asia Cup is only an indicator, not a direct comparison. An ICC or World Cup match between India and Pakistan has a higher profile and greater significance. Furthermore, the Asia Cup rights were acquired by Sony unopposed at the base price.

In contrast, the ICC rights involved an intense bidding war among Star Sports, Jio, and Sony. Star won with a $3.2 billion bid. The four-year ICC cycle includes about 30 India games, with the possibility of four or five India-Pakistan contests.

The reported $250 million figure may refer to more than just media rights. It could represent the total commercial turnover from a match, including ticketing, corporate boxes, merchandise, and in-stadium advertisements.

"It's not just another game of cricket; it is one of the commercial backbones of an ICC event," said Faisal Hasnain, former ICC CFO. He noted that a single minute of advertising could be worth $250,000 for the broadcaster, with a match generating up to $60 million in ad revenue alone.

"History suggests that the total commercial value of this match can be $200-250 million," he said, clarifying that this revenue impact is different from the specific media rights price for the match.

Returning to the media rights value, a World Cup game could be worth roughly double an Asia Cup match. This would value a high-profile World Cup clash at around $30-35 million—approximately the same as the Pakistan Cricket Board's (PCB) share of ICC revenue.

If Pakistan were to boycott a scheduled match, the ICC might recover losses by withholding that payment. However, the situation is complex, with the PCB's reported insistence on recalling the Bangladesh team to the tournament adding further complication.