After getting a reprieve from the Bombay high court on Thursday, ESPN-Star Sports made a conditional offer on a fresh bid, saying it would do so only if Zee also agrees to it.
"If Zee agrees, then the bids will be submitted to the court in sealed envelopes on Wednesday," it said in a statement.
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ESPN-Star Sports said if Zee confirms its willingness to go by the fresh bid process, the legal issues raised by it "will not be adjudicated upon by the court and will be treated as withdrawn".
The sports broadcaster, however, added: "If Zee does not agree, then the matter will continue to be heard by the court on its merits from Thursday onwards."
the Bombay high court had earlier on Thursday asked ESPN-Star Sports and Zee to make fresh bids by September 14, after the former challenged the BCCI's decision to grant Zee the right to broadcast national and international cricket matches played in India between October 2004 and September 2008 for $308 million.
The court said if Zee agrees to submit a fresh bid it will decide on whom to award the rights on September 15, else arguments of both parties would be heard on September 16.