The BCCI has received notifications from the title sponsor of the Indian cricket team Byju’s that they want to terminate their contract early. Apart from this, kit sponsors and makers of MPL sports also want to exit ahead of the end of their contracts.
In June, Byju's decided to extend its jersey sponsorship agreement with the BCCI until November 2023 for an estimated $35 million. However, Byju's now wants to terminate its agreement, but the BCCI has asked the company to continue at least until March 2023.
"BCCI received an email from Byju's on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023," read a BCCI note on the matter.
The edu-tech brand replaced mobile makers Oppo in 2019 as the title sponsor of the Indian cricket teams. They had recently announced plans to lay off not more than five percent of its total strength of 50000.
Hardik Pandya could be handed India's white-ball captaincy - Report
MPL sports, who replaced Nike in November 2020 as the kit sponsors and manufacturers, have conveyed to the BCCI that they want to assign kit and merchandise rights to Kewal Kiran Clothing Limit (KKCL). The existing contract is valid until December 31, 2023.
"BCCI received an email communication from MPL sports on 2.12.2022 seeking a complete assignment (team + merchandising) at full value to Kewal Kiran Clothing Limited, a fashion wear brand, for the period from 1.12.2023 to 31.12.2023.
With the upcoming back-to-back home series and the women's away calendar, it was suggested that the current arrangement should not be hampered as it involves performance gear for the national teams. We have asked MPL sports to continue the association at least until 31.3.2023 or look for a partial assignment that would involve only the right chest logo but not the kit manufacturing agreement," the note read.
Earlier this year, Paytm had shifted its title sponsorship rights for Indian cricket's home season to Mastercard.
(PTI inputs)
