The Indian cricket team’s jersey sponsor, Byju’s, allegedly owes the BCCI Rs 86.21 crore, while title sponsor Paytm has asked the board to transfer its rights to a third party.
The Indian cricket team’s jersey sponsor, Byju’s, allegedly owes the BCCI Rs 86.21 crore, while title sponsor Paytm has asked the board to transfer its rights to a third party.
Only in April did the Edtech company and the BCCI agree to extend their partnership until the end of the 2023 ODI World Cup in India, with a 10% increase.
On Thursday, the BCCI Apex Council discussed the issue.
“As of today, Byju’s owes the Board Rs 86.21 crore,” a BCCI source said after the meeting.
However, a spokesperson for Byju told PTI: “The contract with the BCCI has been extended, but it has yet to be signed. After the contract is signed, payments will be made in accordance with the contractual payment terms. As a result, we have no outstanding debts.”
Byju’s first joined the team in 2019 when mobile manufacturer Oppo transferred sponsorship rights to the online tutorial company.
The startup announced last month that 500 people had been laid off, following reports that over 1000 had been fired.
Paytm wants Mastercard to take over home cricket title rights.
In other news, Paytm, a fintech company has requested that the BCCI assign their India Home Cricket title rights to Mastercard.
Paytm and the BCCI’s current agreement runs from September 2019 to March 31, 2023.
The company had missed the July deadline for requesting sponsorship reassignment. However, given the two parties’ “longstanding” relationship, the BCCI will consider Paytm’s request.
“Paytm has requested reassignment from the BCCI, and the board is considering it,” the source added.
Paytm extended its partnership as the title sponsor for international and domestic cricket matches in India by four years in August 2019, with a winning bid of Rs 3.80 crore per match.
