Indian Cricket Sponsor: PayTM Ready to leave Indian Cricket? Another BCCI sponsor is ready to LEAVE the sponsorship deal.
Indian Cricket Sponsor: PayTM Ready to leave Indian Cricket? Another BCCI sponsor is ready to LEAVE the sponsorship deal with Indian cricket midway. According to available information, the digital payments company PayTM has informed the BCCI that it is not interested in continuing as the main sponsor of Indian cricket. PayTM has further requested that the rights be assigned to Mastercard. But the board must still approve such a request:
- Paytm had signed the agreement to $326.80 crore in 2019.
- The deal was supposed to continue until 2023.
- The winning bid was $3.80 crore per match. This was at an incremental value of 58% compared to the previous value per match of $2.4 million rupees.
- In 2015, Paytm became the main sponsor of Indian cricket for the first time.
- Now PayTM has asked BCCI to assign the rights to Mastercard.
PayTM Ready to leave Indian Cricket? BCCI has not yet given approvals to the PayTM offer: The BCCI during the Apex Council meeting in Mumbai has confirmed the development. As previously reported by InsideSport, the matter was on the agenda for the Apex Council meeting.
A source at BCCI confirmed the development to InsideSport but said PayTM’s request has not been timely and at this stage cannot be considered.
“Yes, they have sent a request for transfer of rights. It is correct that there is a provision for the assignment of rights to a third party. But said request should have been made before July 1.” The BCCI source confirmed to InsideSport.
What happens to BCCI sponsors?
Sponsors leaving BCCI contracts midway through have become something of a norm. Previously, OPPO left its Indian team JERSEY sponsorship deal HALFWAY and the rights were transferred to Byju’s
Also at IPL, VIVO recently dropped out of the deal midway and the rights went to TATA GROUP.
Does Byju’s deal for the Jersey team also become questionable? All is not well between BCCI and its national team sponsor, Byju’s, either, according to a PTI report on Thursday.
The agency has reported that Byju’s payment is Rs 86.21 crore in arrears as of July 2022. The leading Edtech company has also failed to pay Rs 22.22 crore for the previous contract term until March 2022.
Apart from this, Bjyu’s has not yet provided the new bank guarantee.