The CEO of Qatar-based media group BN, Yousef Al Obaidli, confirmed that the sports media rights bubble is about to explode due to global piracy and that there is a need to review the rules of action in this activity.

Speaking at a sports-related business summit in London, Al Obaidly said that the BN Group now regards all sporting rights as non-exclusive and will be reflected in future commercial offerings.

"I am here to tell you how the indefinite growth of broadcasting rights has not only ended, but the value of rights will collapse in certain cases, and the economic model of our industry will be rewritten."

"Any rights owner who thinks technology companies in the West Coast are his financial savior will be disappointed," Obaidli said.

The television network has invested more than $ 15 billion for broadcasting rights to sports tournaments including the English Premier League, other football competitions and major tournaments around the world.

BN urged sporting associations to take legal action against the B-channel, which broadcast pirated global sports events for which BN Sports owns rights.

BNQ Sports' PNQ Sports Logo (Al Jazeera)

B-Out Q emerged in 2017 after Saudi Arabia and its allies cut political and economic ties with Qatar.

Reuters could not verify where B-QQ was based or contacted. The channel is widely available in Saudi Arabia, but Riyadh has previously said it is not based in Saudi Arabia and that Saudi authorities are committed to fighting piracy.

BN Sports said in February it would not renew the F1 contract for broadcasting in the Middle East and North Africa because of piracy.

Formula 1 races are now being broadcast free of charge in the region under a five-year agreement with MBC Group.

Obaidli told attendees at the summit that industry refuses to face "piracy" and attempts to address the problem.

"The television rights bubble is about to explode, in fact our industry is completely unprepared," he said.

"If things are not put in place quickly, the sporting rights market will collapse spectacularly, in fact it has already started."