Star India asks BCCI for discount, Byju’s wants to encash bank guarantee

In November, Byju's had communicated to the BCCI that it wants to exit as the jersey sponsor of the Indian cricket team

Livemint
First Published9 Jan 2023, 04:37 PM IST
Indian cricket team captain Rohit Sharma (3R) speaks with teammates during a training session at the Narendra Modi Stadium in Motera.
Indian cricket team captain Rohit Sharma (3R) speaks with teammates during a training session at the Narendra Modi Stadium in Motera.(AFP)

India's home season media rights holder Star India has asked the cricket governing body BCCI for a 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 140 crore to honour the current agreement.

The BCCI top brass deliberated on the two subjects for more than an hour in the emergent meeting of the Apex Council on Monday. It was a virtual meeting, reported news agency PTI.

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 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 $35 million.

While an approximately 140 crore will be paid to the BCCI through bank guarantee, the remaining, around 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.

Byju's, which was one of the sponsors of the FIFA World Cup, plans to lay off around 2500 of its 50,000 workforce by March in its aim to become profitable.

Star India asks for discount

It was also revealed in the meeting that Star, which had paid 6138.1 for India's international and domestic cricket rights for the 2018-2023 period, has asked for an approximate 130 crore discount in the existing deal.

Some of the matches in the deal period 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," the source added.

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.

Considering the IPL media rights fetched a staggering 48390 crore, the BCCI is expecting another windfall.

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First Published:9 Jan 2023, 04:37 PM IST
HomeNewsIndiaStar India asks BCCI for discount, Byju’s wants to encash bank guarantee

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