The BCCI, after the earlier bid process got mired in legal wranglings, has decided to form a committee and call for fresh tenders for TV rights.
But Zee Sports said it was discussing with its lawyers on the issue and may come up with a decision later this month whether to go for it.
"What transpired on the earlier occasion was not fair. But this is certainly not the end of the world," executive vice-president of Zee Sports Himanshu Mody said.
"Past is always past and we can't allow it to have any bearing on the future. But at the same time we have to be extra careful while dealing with the BCCI, Mody said on the sidelines of a function to mark the launch the channel in New Delhi.
"We have heard that (BCCI deciding to call fresh tenders). We will explore all the options and evaluate it with our lawyers before taking a decision in this regard."
The Zee official made it clear that the new channel would not treat cricket as the "only sport in the country" and would promote other games.
"Cricket is not everything. It's just another sport. There are so many other sports -- hockey, football, tennis," he said.
He said the channel has bid for telecast and marketing rights from All India Football Federation.