The SABC blew R2.3 billion on sports rights agreements that it overpaid for, according to a report in the Sunday Times.
The paper reported that the broadcaster could not commercialise live matches which failed to generate returns for the company.
SABC board chair Bongumusa Makhathini also told the Sunday Times that the rights were “overpriced”.
The report stated that between 2012 and 2018, the SABC spent R1.6 billion to broadcast Premier Soccer League matches, and R522 million on production. However, it only made R466 million in revenue.
This follows the SABC being unable to negotiate new broadcast rights with the country’s national men’s and women’s football teams contract due to financial woes.
It already owes the South African Football Association over R50 million for a prior broadcast contract, which ended in April 2018.
The SABC spent R462 million on the right to broadcast national football matches, and R65 million on production, however it only recorded R48 million in revenue.
Similarly, it spent R263 million on broadcast rights for Confederation of African Football, and R14 million on production, making only R20 million in return.
Makhathini called for more funding to broadcast local sporting fixtures, despite retrenchments, mismanagement, and a reported loss of R622 million in the latest financial year.