Two of Indian cricket team's main sponsors, edtech major Byju's and MPL sports, want to exit from their sponsorship agreements with the BCCI. (More Cricket News)
Earlier this year, Paytm had transferred its title sponsorship rights for Indian cricket's home season to Mastercard.
Two of Indian cricket team's main sponsors, edtech major Byju's and MPL sports, want to exit from their sponsorship agreements with the BCCI. (More Cricket News)
In June, Byju's had extended its jersey sponsorship agreement with the Board until November 2023 for an estimated USD 35 million. Byju's now wants to terminate its agreement with the BCCI, which has asked the company to continue at least until March 2023.
"BCCI received an email from Byju's on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023," read a BCCI note on the matter.
The matter was discussed at the BCCI Apex Council meeting on Wednesday.
The brand had replaced Oppo back in 2019. Byju's was also one of the sponsors of the 2022 FIFA World Cup in Qatar.
The edtech company had recently announced plans to lay off not more than five percent of its total strength of 50000.
MPL WANTS TO ASSIGN NEW KIT AND MERCHANDISE RIGHTS TO KKCL
Team kit and merchandise sponsor had conveyed the BCCI for the complete assignment of its rights to Kewal Kiran Clothing Limit (KKCL). The existing contract is valid until December 31, 2023. MPL had replaced Nike back in November 2020.
"BCCI received an email communication from MPL sports on 2.12.2022 seeking a complete assignment (team + merchandising) at full value to Kewal Kiran Clothing Limited, a fashion wear brand, for the period from 1.12.2023 to 31.12.2023.
"With the upcoming back-to-back home series and the women's away calendar, it was suggested that the current arrangement should not be hampered as it involves performance gear for the national teams.
"We have asked MPL sports to continue the association at least until 31.3.2023 or look for a partial assignment that would involve only the right chest logo but not the kit manufacturing agreement," the note read.
Earlier this year, Paytm had transferred its title sponsorship rights for Indian cricket's home season to Mastercard.
CENTRAL CONTRACT TO BE DECIDED AFTER FORMATION OF SELECTION PANEL
The Apex Council was expected to decide on the players' central contracts, but it would only be done after the formation of the new selection committee. The BCCI had sacked the Chetan Sharma-led panel after the T20 World Cup in Australia.