BYJUS wants to terminate its contract with the BCCI as Jersey Sponsors

0
7
BYJUS Contract with BCCI
Image Source: Twitter
Article top

BYJUS Contract with BCCI

BYJUS wants to cut ties with BCCI

BCCI Contract: An urgent meeting has been scheduled by the Indian Cricket Board for TODAY. As the Sponsors of BYJUS, who are anxiously trying to leave the BCCI Apex Council Meeting as the jersey sponsor, BCCI is now in a problem with this situation ahead of the 2023 ODI World Cup. Let us look at details on BYJUS Contract with BCCI on Jersey Sponsors.

Although the BCCI requested an extension until March, the Ed-Tech industry leaders still sought to end their contract. According to a report, the meeting’s agenda includes payment from Star Sports for media rights. The meeting is set to take place online.

For more Cricket News and Updates Join our Telegram Channel

What Happened with BYJUS Contract?

The BCCI and BYJUS have an agreement, but BYJUS wants to end it. At a meeting last month, the board requested that the ed-tech major stay at least through March 2023.

The corporation recently declared plans to lay off no more than 5% of its 50000-person workforce. Byju’s extended its shirt sponsorship deal with the BCCI till November 2023.

35 million USD were reportedly spent on this transaction. Back in 2019, the company took over from Oppo. In addition, Byju’s sponsored the Qatar 2022 FIFA World Cup.

What is going to happen in the meeting?

BCCI in today’s emergency meeting held virtually, they will decide on two major causes of concern. Which is; one BYJUS exit option as the Jersey sponsor and the second topic of discussion will be about the star sports media right payments.

So BCCI will mainly look at and discussion regarding these two problems and will try to come up with a better solution with mutual agreement.

What happened with Social Media rights Payment?

Discussion on Byju’s and STAR media rights payment is the second topic on the agenda for the meeting today. It should be mentioned that Star currently holds media rights for the domestic cricket season in India.

However, after March, the rights will be up for renewal. The BCCI sold the media rights to the IPL for the cycle 2023–2027 last year for a staggering Rs 48390 crore.

Why BYJUS wants to pull out as India’s Jersey Sponsor?

However, after experiencing hypergrowth for two years in a row, edtech services are now slowing down. Despite the deals for the World Cup and Lionel Messi, the business is aiming to reduce expenses. As of right now, BYJUS is paying about 10% more for each match than Oppo, who were the previous sponsors.

BCCI must Act fast and Swiftly

Although the topic is on the agenda, we must wait to see if it has anything to do with the media rights partner’s payment that is due or if there is another issue.

With these two issues in front of them, we will have to wait till the BCCI formally declares what their future plans are. There is not much time left before the ODI World Cup in 2023, thus BCCI will need to move quickly and wisely.

Matched Content Ad