Byju's Allegedly Owes BCCI Massive Dues; Paytm Wants To Exit As Title Sponsors- Reports
Published - 22 Jul 2022, 01:06 PM | Updated - 23 Aug 2024, 12:10 AM
While title sponsor Paytm has asked the BCCI to transfer its rights to a third party, jersey sponsors Byju claims to owe the BCCI Rs 86.21 crore in unpaid debts.
The BCCI and the Edtech corporation didn’t extend their collaboration till the conclusion of the ODI World Cup in India in 2023; that decision was made only in April.
The BCCI Apex Council examined the matter on Thursday.
There Are No Dues Pending From Our Side: Byju’s
“As of today, Byju’s owes dues of Rs 86.21 crore to the Board,” a BCCI source told PTI after the meeting.
However, Byju’s spokesperson told PTI:
“We have extended the contract with the BCCI but it is not yet signed. After the contract signing is done, the payments will happen as per the contractual payment terms. So there are no dues pending from our side.”
The online lesson company Byju’s initially joined forces with Oppo in 2019, when Oppo ceded the sponsorship rights to them.
The startup announced 500 layoffs last month after media reports said more than 1000 staff were let go.
Paytm Wants The Home Cricket Title Rights To Be Transferred To Mastercard
In another twist, it has been learned that Paytm, a fintech startup, has asked the BCCI to award Mastercard the ownership rights to India Home Cricket.
From September 2019 until March 31, 2023, Paytm and the BCCI will be in compliance with their present agreement.
The business had missed the deadline in July to ask for the sponsorship to be changed. However, the BCCI would take Paytm’s proposal into account given the “longstanding” connection between the two firms.
“Paytm has request the BCCI for reassignment and the board is considering it,” the source added.
With a winning offer of Rs 3.80 crore per match, Paytm extended its connection as the title sponsor for local and international cricket events in India by four years in August 2019.
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