The Board of Control for Cricket in India (BCCI) failed to arrive at a decision at its emergent apex council meeting on Monday to discuss BYJU’S request to find a way out of the Indian team’s jersey sponsorship and Star Sports’ letter seeking a Rs 130 crore discount.
The Board might have to arrive at some sort of an understanding with the two stakeholders, it was learnt.
BYJU’S had communicated to the BCCI that it wants to exit as the jersey sponsor of the Indian cricket team but agreed to continue till March 2023 on request.Later it extended its agreement with the BCCI until November 2023.While approximately Rs 140 crore will be paid to the BCCI through bank guarantee, the remaining, around Rs 160 crore, will be paid in instalments.
The BCCI is believed to have requested the edu-tech company to stay on till March 31, 2024, when the new cycle of sponsorship arrives.
Star India, which paid Rs 6,138 crore for India’s international and domestic cricket rights for the 2018-2023 period, has reportedly asked for an approximate Rs 130 crore discount in the existing deal.Some of the matches in the deal period had to be rescheduled due to the Covid-19 pandemic and hence Star has sought the discount.
This comes at a time when the BCCI is preparing to sell domestic and international media rights for the next fiveyear cycle after the current deal expires in March.Considering the IPL media rights fetched a staggering Rs 48,390 crore, the BCCI is expecting another windfall.
In another development, Kewal Kiran Clothing Limited (KKCL or Killer), an apparel manufacturing company, has replaced MPL as the kit sponsor of the Indian team.MPL’s deal was till December.
With inputs from PTI