MUMBAI: India’s home season media rights holder Star India is seeking a Rs 130 crore discount on its existing deal, the current cycle for which ends in March. While Team India jersey sponsor BYJU’s, which wants an immediate out from its sponsorship agreement, has reportedly told the the BCCI to encash its bank guarantee worth an estimated Rs 140 crore.
The BCCI top brass deliberated on these two matters at the emergent meeting of the Indian cricket board’s apex council on Monday, PTI reports. It was a virtual meeting.
In November, BYJU’S had communicated to the BCCI that it wants to exit as the jersey sponsor of the Indian cricket team but the board asked the edtech major to continue until at least March 2023.
For the record, it was in June 2022 that BYJU’s had extended its jersey sponsorship agreement with the BCCI until November 2023 for an estimated $35 million.
While approximately Rs 140 crore will be paid to the BCCI through the bank guarantee encashment, the remaining Rs 160 odd crore, will be paid via installments.
Star India asks for Rs130cr discount
Star India, which has committed Rs 6,138.1 crore for India’s international and domestic cricket rights for the 2018-2023 period, has asked for an approximate Rs 130 crore discount in the existing deal.
Its argument being that is that in the deal period, some of the matches had to be rescheduled due to the COVID-19 pandemic.
“The issue was discussed at length but the board is yet to take a final call on it,” a BCCI source told PTI.
The development comes at a time when the BCCI is preparing to sell media rights for the next five-year cycle after the current deal expires in March.
