Network Ten’s bid of under $500 million a year for the AFL broadcast rights has fallen below the league’s expectations, making it likely that Seven and Foxtel will extend their respective contracts.

According to The Australia, AFL executives had expected Ten to offer $3 billion for a five-year deal, with the exclusive rights to broadcast across Ten and Paramount+, but the initial offer was in line with, or below, the current $473 paid annually for the rights.

The AFL has targeted $600 million a year – a figure it may have reached, if Ten had played ball.

Nine Entertainment are yet to make an offer, but were believed to have been in talks to air a Thursday night game.

It is understood that Seven and Foxtel made a former offer of extension last month, with tweaks to the existing contracts that may see Seven gain more streaming rights, and live home matches in the Perth and Adelaide markets.

Earlier this year, AFL executives travelled to New York to meet with Ten parent company ViacomCBS in an attempt to lure an international bid, as well as with Amazon executives.