Star India Asks BCCI For Rs 130 Crore Discount In Existing Media Deal, Exiting Byju’s Wants Board To Encash Rs 140 Crore Bank Guarantee
Star India, the media rights holder of the home season of the India National Cricket Team, has asked the Board of Control for Cricket in India (BCCI) for a discount of INR 130 crore in the existing media rights deal, reported PTI.
Also, the outgoing jersey sponsor of the India National Cricket Team, Byju’s, wants the Board of Control for Cricket in India to encash a bank guarantee of INR 140 crore to honour the current agreement.
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Notably, in June, Byju’s extended the jersey sponsorship agreement until November 2023 for an estimated USD 35 million. However, in November, the board was informed by the ed-tech company that it wants the exit, but the board urged Byju’s to remain the jersey sponsor until at least March 2023.
Meanwhile, the BCCI will receive approximately INR 140 crore through bank guarantee and the remaining amount, which is estimated to be around INR 160 crore, will be cleared in instalments.
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Only Byju’s and Star India issues were discussed in the meeting – BCCI source
The matter regarding Byju’s and Star India was discussed by the BCCI top brass at the virtual Apex Council on Monday.
“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.
Meanwhile, Star India had bagged the media rights for India’s home season by paying INR 6138.1 for the 2018-2023 period. However, now it has asked for an approximate INR 130 crore discount. Notably, many games in the deal period had to be rescheduled due to the pandemic.
“The issue was discussed at length but the board is yet to take a final call on it,” the source added.
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