BCCI is not having the best days as after the title sponsor of the BCCI, PayTM opted to resign from the board, the two IPL sponsors have also made the decision to renegotiate their agreements with the most profitable cricket league in the world. Unacademy & Upstok, the IPL’s main sponsor, have told the board that they wish to end the association.
Upstox and Unacademy, the official sponsors of the Indian Premier League (IPL), have notified the BCCI of an impending transfer of rights. The two companies want to end their relationship with the league. Upstox and Unacademy have a collaboration that will last through the IPL’s 16th season, or until 2023.
The businesses have requested to transfer the sponsorship rights to another party. The marketing agency for both brands has been searching the market for businesses that would be interested in purchasing an IPL sponsorship for a year.
The BCCI offers a sponsorship provision that enables a brand that already has a relationship with the Indian cricket federation to sell its sponsorship rights to another business. Brands who wish to transfer their rights must pay a transfer fee of 5% to the BCCI.
Upstox is purportedly experiencing financial difficulties, similar to many other start-ups, and the company has reportedly decided to reduce marketing expenses, including sponsorship agreements with the ICC and BCCI.
Along with Upstox, OPPO has also requested in writing to the ICC that the sponsorship rights be transferred to a third party. The ICC Marketing division would not comment on the situation.
In the meantime, the BCCI has acknowledged to InsideSport that PayTM is in fact attempting to end the sponsorship agreement with Indian cricket in the middle of it.
The digital payment provider has told the BCCI that they do not wish to continue as the Indian cricket team’s Title Sponsor. Additionally, PayTM has asked that Mastercard be given the rights. However, the request has not yet been approved by the board.
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