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According to fresh reports, Mastercard will be the new title sponsor for Team India's domestic and international matches at home after Paytm missed the July deadline to request a reassignment. Reports have claimed that transfer contracts have been finalized and new signings will take place in the first week of August.
Reportedly, Paytm had asked to pull out of the deal and Mastercard showed keen interest in acquiring the rights at the same price. "Mastercard will be coming on board on the same terms," a BCCI official close to the development was reportedly quoted as saying.
Paytm and BCCI had inked a contract for the title sponsorship in 2015 for INR 203 Crore for 4 years (i.e. Rs 2.4 crore per match). The deal was last renewed in August 2019 for up to March 2023 but as per fresh reports, Mastercard will reportedly be assigned the rights till 2023 and will continue to pay INR 3.8 Crore. Meanwhile, Paytm will have to pay re-assignment fee of around Rs. 16.3 crore, 5 per cent of the original deal value (INR 326.8 crore).
The latest reports have come on the back of the Paytm's recent performance update claiming an all-around positive second quarter of 2022. Paytm's share price too made jump of around 20 per cent over the last month and company claimed to enjoy massive profit in recent time.
Meanwhile, team India is currently enjoying a great run in West Indies after beating the hosts in three-match ODI series. After Shikhar Dhawan-led team India won first two games, both teams will regroup on Wednesday (27th July) for the final and third ODI.