India’s home season media rights holder Star India has asked the BCCI for a Rs 130 crore discount in the existing deal while jersey sponsor BYJU’s, which is on its way out, wants the board to encash bank guarantee worth an estimated Rs 140 crore to honour the current agreement.
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 ed-tech company to continue until at least March 2023.
However, in June, BYJU’s had extended its jersey sponsorship agreement with the BCCI until November 2023 for an estimated USD 35 million.
While an approximately Rs. 140 crore will be paid to the BCCI through bank guarantee, the remaining, around Rs. 160 crore, will be paid via installments.
“Only BYJU’s and Star India issues were discussed in the meeting but that also took well over an hour. It was a serious matter involving millions of dollars so naturally it took time,” a BCCI source told PTI.
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