The BCCI held a virtual meeting of the Apex Council on Monday to discuss the issues of India's home season media rights holder Star India and jersey sponsor BYJU's. While Star India has asked the BCCI for a INR 130 crore discount in the existing deal, Team India jersey sponsor BYJU's wants the board to encash bank guarantee worth an estimated INR 140 crore.
Star had paid INR 6138.1 crore for India's international and domestic cricket rights for a five-year period from 2018 to 2023. It was revealed in the meeting that the media rights holder has asked for an approximate INR 130 crore discount in the existing deal.
The current deal expires in March and the BCCI is preparing to sell the media rights for the next five-year cycle. A BCCI source told PTI, "The issue was discussed at length but the board is yet to take a final call on it."
BYJU's wants board to encash bank guarantee
In June 2022, BYJU's extended its jersey sponsorship agreement with the Indian Cricket Team until November 2023 for an estimated INR 285.81 crore. However, in November 2022, the EdTech firm informed the BCCI that it wanted to exit as the jersey sponsor, but the board asked them to continue until at least March 2023.
According to the deal, around INR 140 crore will be paid to the BCCI through bank guarantee while the remaining amount of around INR 160 crore will be paid via instalments.
The BCCI source said, "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."