MUMBAI: Edtech major BYJU’S and fantasy sports platform MPL, the two main sponsors of the Indian cricket team, are reportedly looking for an exit from their ongoing sponsorship agreements with the BCCI.
Specifically, the two unicorns want to exit their sponsorship agreements for jersey and merchandising, respectively.
These developments come a week after it was widely reported that the edtech major was looking to exit its jersey sponsorship deal with the BCCI.
It bears noting that it was only in June that BYJU’S extended its jersey sponsorship agreement with the Indian cricket board till November 2023 for a reported $35 million.
According to a BCCI note cited by Mint, the board received an email from the edtech major on November 4 seeking to terminate the agreement. BYJU’S has reportedly been asked to stay on at least until March 2023.
In a related development, MPL, in a letter dated December 2, has asked the BCCI to assign the team kit and merchandise rights, at full value, to Kewal Kiran Clothing Limited (KKCL) for the period December 1, 2022 to December 31, 2023.
However, the BCCI also asked MPL to continue till March 31, 2023, the same as BYJU’S, citing the upcoming home series and the women’s team’s away calendar.
For the record, MPL replaced Nike as the Indian cricket team’s kit and merchandise sponsor in 2020, with the contract being valid till December 31, 2023.
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