Crystal Palace owner Josh Harris tips Premier League rights to rise in value
Crystal Palace co-owner Josh Harris has predicted that Premier League media rights will continue to rise in value, defying forecasts that football’s bubble may be about to burst.
The league’s domestic broadcast revenues appear to have plateaued for now and the global sports rights market has cooled, in part as a result of the pandemic.
But the value of overseas rights is still rising, Amazon and DAZN have emerged as competitors to traditional broadcasters, and Harris is bullish about the market for sport’s biggest competitions such as the NBA, NFL and Premier League.
“Big tech is getting involved,” Harris, who also co-owns the Philadelphia 76ers in the NBA and the MLB’s New Jersey Devils, said at the Leaders Sport Business Summit in London.
“People like to watch sports live and that’s a unique asset so I see a lot of things that will continue to allow values to rise. The Premier League, internationally, is growing a lot. If you look at recent bids in sport, they’re all up.”
The NHL doubled its money with its latest rights sale, while the MLB also saw its most recent contracts increase in value.
The Premier League and broadcasters Sky, BT, the BBC and Amazon have rolled over their domestic rights deal, worth £4.7bn, for another three years until 2025. Overseas rights sales are ongoing but could match that figure, representing further growth in the total value, albeit well down on the 70 per cent increase of 2016-19.
Harris believes the Premier League will only strengthen its dominant position, attracting more of the top talent and further driving broadcaster interest..
“The excitement that the Premier League has created is garnering more of the media dollars and therefore the best players in the world will want to play there,” Harris said.
“Everyone is going to have their local leagues and teams, but the best players will go where they are paid the most and the competitive dynamic is best. That will garner ultimate media dollars and that’s kind of what’s happening.”
While US sports tend to favour closed leagues, Harris said he supported relegation, even if it posed a threat to Palace and, ultimately, the value of his investment.
“Relegation is what makes UK soccer. Every game matters,” he said.
“In the US, if you lose you get a higher draft pick. We have to be nimble, smart, create edges around analytics, sports science and keeping players in our neighbourhood.
“As an owner, and just thinking about that, I’d say the lower end of the Premier League is an issue. But we’ve got a really smart management team. It [relegation] is something you have to navigate. I’d keep it.”
Harris, who took a controlling stake in Palace with business partner David Blitzer in 2015, said he invested to “take on some of the bigger clubs”.
The south London team currently sit 14th in the table after seven games under new manager Patrick Vieira.
“It’s hard but very exciting and I think Palace are on the right side of history and on the rise,” he added.
“We’re scrappy and on the move. Mid-table, hopefully moving towards the top 10.
“Patrick Vieira has been a great choice and we’re very lucky to have him.”