On Monday, the BCCI held an Apex Council meeting in which they had long discussions with Star India and ed-tech giant, Byju’s.
The meeting went well over an hour as it involved a serious discussion with the two parties.
Star India has paid a hefty sum of INR 6138.1 to become India’s international and domestic cricket broadcaster.
However, they now want a discount from the BCCI which is a sum of INR 130 crores.
On the other hand, Byju’s, who are BCCI’s outgoing sponsors have extended their jersey sponsorship with the BCCI till November 2023 at a huge price of USD 35 million.
But, now they too want an encashment of the bank guarantee amount of INR 140 crores from the BCCI.
BCCI hold discussions only with Star India and Byjus’
According to a BCCI source, the Apex Council Meeting was held only with Star India and Byju’s.
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.
Adding further, the source says,
The issue was discussed at length but the board is yet to take a final call on it.
So, now the BCCI has to pay a sum of INR 140 crore through bank guarantee while the remaining amount which is INR 160 crore is going to be paid via installments by the board.
Already, Mobile Premier League, or MPL has relinquished its jersey sponsorship rights to a new fashion wear brand called KKCL.
Earlier, MPL had signed a three-year contract with the BCCI to be India’s jersey sponsor from November 2020 till December 31st, 2023.
Additionally, they had secured this prized deal from Nike who were the earlier sponsors of Team India’s jersey.
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