Star India asks BCCI for discount in current deal, exiting Byju's wants board to encash bank guarantee
The Hindu
In November, Byju's 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
India's home season media rights holder Star India has asked the 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.
In November, Byju's 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 extended its jersey sponsorship agreement with the BCCI until November 2023 for an estimated $35 million.
While 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 workforces by March in its aim to become profitable.
Asian Games champion Avinash Sable opened his season in the 3000m steeple chase with a silver in the Portland Track Festival, a World Athletics Continental Tour bronze event, in Oregon on Saturday. He clocked 8:21.85s. Asian champion Parul Chaudhary took the bronze in the women’s 3000m steeple chase in a season-best 9:31.38s. Former Asian bronze medallist Sanjivani Jadhav struck gold in the women’s 10,000m in 32:22.77s, a time which was a second off her personal best, while Seema was sixth in 32:55.91s.