BT is "heading into a critical auction" of Premier League rights with "far less of a strut than when it first elbowed its way into the sports market four years ago," according to Nic Fildes of the FINANCIAL TIMES. Having spent £3.8B ($5.1B) on football rights since '12, it has "publicly checked its aggression" ahead of the next auction, expected to kick off in February, which will decide which broadcaster shows the '19-22 seasons. BT CEO Gavin Patterson is "already raising the prospect of losing BT's rights to Premier League games." He said, "We have a Plan B. We are never in a situation where it is existential for us." He added that the group's "ambition" was to retain its position as a "strong number two" behind Sky in pay-TV sports. Patterson's task in retaining football rights has "grown harder" as BT's TV growth has "stalled in recent months," after it started charging for its sports channels. That, together with "a number of other significant blows" this year, has led to growing speculation about the CEO's position, particularly with the arrival of Jan du Plessis as BT's new chair. The company's share price has "lost a third of its value this year." Du Plessis has lent his support to Patterson and, according to sources, has "stressed to top investors that he will continue" to back his CEO. But a loss of Premier League rights, considered to be the "crown jewels" of the sports rights sector, would force Patterson "back on the defensive." Bernstein analyst Dhananjay Mirchandani said, "A loss of the rights, even if it were the financially prudent position in a potentially ruinous bidding war with Sky or Amazon, would unquestionably be a body-blow to the BT leadership team" (FT, 12/2).
