The BCCI’s two primary sponsors, Paytm and Byju’s, appear to be giving the organisation problems. The latter seeks to sublicense the title rights to MasterCard while the former, who has the Team Sponsorship Rights, owes the BCCI around INR 80 crore and has ostensibly not provided the needed bank guarantee.
After several rounds of discussions, the BCCI Apex Council approved Byju’s offer for a contract renewal from 1.4.2022 till the end of the ICC Men’s World Cup 2023 at a 10% incremental rights fee, according to a note presented before the BCCI Apex Council in Mumbai on Thursday, July 21. Byju’s appears to be seeking outside branding as well.
However, the business has categorically denied that payment is owed, stating that this is not the case. A representative of the Edtech company told Cricbuzz on Thursday night, “We’re incredibly happy to be the major sponsor of the Indian cricket squad.” “No payment is still owed. The contract is being extended, and the new contract’s payment terms will apply.”
The situation with Paytm, the title sponsor’s rights holder, is unique. The mobile banking services company has asked the BCCI to give Mastercard the title rights.
According to the BCCI letter, “Given the COVID situation, Paytm’s numerous businesses have forced to make dynamic changes in their strategies and marketing expenditures over the last two years. On 1.7.2022, Paytm formally requested that the BCCI give its Indian domestic cricket title sponsorship rights to Mastercard, a world authority in the field.
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