Star India wants discount from BCCI; Byju’s wants to encash bank guarantee

The BCCI official confirmed that the apex body is yet to come to a conclusion. The current cycle ends in March.


Star India wants discount from BCCI; Byju’s wants to encash bank guarantee

Star India wants discount from BCCI; Byju’s wants to encash bank guarantee

Star India, The Board of Control for Cricket in India’s (BCCI) main broadcaster has asked the apex body to consider a discount for the current deal. While, Byju’s, India’s jersey sponsors wanted to exit as shirt sponsors and communicated the same to BCCI last November. The top BCCI officials held a virtual meeting of the Apex Council that exceeded an hour to deliberate on the two demands on Monday (January 9).

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Only Byju’s and Star India’s 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 the news agency PTI.

The BCCI official confirmed that the apex body is yet to come to a conclusion. The current cycle ends in March.

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What are the demands of Star India and Byju’s?

BCCI
Star India wants discount from BCCI; Byju’s wants to encash bank guarantee

Star India is BCCI’s sole broadcaster for India’s international and domestic matches and has paid Rs 6138.1 crore to BCCI for the contract for the 2018-2023 periods. Now the broadcaster has asked to consider a discount of Rs 130 crore for the current deal. Some of the matches were rescheduled due to the Covid-19 pandemic.

India’s ed-tech giant Byju’s is going through losses and is set to lay off 2500 of its 50,000 employees by March. It was also one of the sponsors of the FIFA World Cup.

It already communicated about its exit as India’s jersey sponsor in November last year. But BCCI asked it to continue till March. Byju’s signed a contract worth $35 million in June last year which was set to continue till November 2023.

The money will be paid by Byju’s in separate transactions. The ed-tech company wants to encash a bank guarantee worth Rs 140 crore while the remaining Rs 160 crore will be paid in installments.

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