Star India asks BCCI for discount in current deal, exiting Byju’s wants board to encash bank guarantee | Cricket News

NEW DELHI: India Home Season Media Rights Holder star india asked BCCI for a rebate of Rs 130 crore in the existing deal as shirt sponsor Byju‘s, which is about to disappear, wants the board to cash in a bank guarantee worth an estimated Rs 140 crore to honor the current deal.
Senior BCCI brass deliberated on the two topics for more than an hour at Monday’s emerging Apex Council meeting. It was a virtual meeting.
In November, Byju’s communicated to BCCI that it wanted to step down as shirt sponsor of the Indian cricket team, but the board has asked the edtech company to continue until at least March 2023. .
However, in June, BYJU’s extended its jersey sponsorship deal with BCCI through November 2023 for an estimated $35 million.
While around Rs 140 crore will be paid to BCCI through a bank guarantee, the rest, around Rs 160 crore, will be paid in installments.
“Only Byju and Star India issues were discussed in the meeting, but it also took more than an hour. It was a serious matter involving millions of dollars, so naturally it took time,” A BCCI source told PTI.
Byju’s, which was one of the sponsors of the fifa world cupplans to lay off around 2,500 of its 50,000 employees by March in a bid to become profitable.
“Star India demands cut of Rs 130 crore”
It was also revealed during the meeting that Star, who had paid Rs 6,138.1 for India’s international and domestic cricket rights for the period 2018-2023, requested a discount of around Rs 130 crore in the existing agreement.
Some of the matches during the agreement period had to be rescheduled due to the COVID-19 pandemic.
“The matter has been discussed at length but the board has not yet made a final decision,” the source added.
The development comes as BCCI prepares to sell media rights for the next five-year cycle after the current deal expires in March.
Considering the IPL media rights fetched a staggering Rs 48,390 crore, BCCI expects another windfall.


Leave a Reply

Your email address will not be published. Required fields are marked *