Two major sponsors of the Indian cricket team, Edtech 'Byju's' and MPL Sports want to end their agreement with the BCCI. In June, Byju's extended its jersey sponsorship agreement with the board till November 2023 for around $35 million. However, the BCCI has asked him to continue the contract till at least March 2023.
According to a note issued by BCCI, 'he received an email from Byju's on 4 November 2022. In which he requested to end his agreement after the recent T20 World Cup. But the BCCI has asked to continue the agreement at least till March 31, 2023. Byju's replaced 'Oppo' in 2019.
The team's kit and merchandise sponsor MPL has also told the BCCI that it wants to transfer its rights to 'Keval Kiran Clothing Limited' (KKCL). He has an agreement with BCCI till 31 December 2023. MPL replaced 'Nike' in November 2020.
According to BCCI's note, 'it had received an email from MPL Sports on 2 December 2022, in which it has demanded to hand over its agreement (team and merchandise) completely to KKCL.' On this, the BCCI has asked MPL Sports to continue the contract till March 31, 2023 or give a partial contract to KKCL, which will only include the 'logo' on the right side chest. But the agreement for the kit will remain with MPL.
Earlier this year, Paytm has transferred its title sponsorship rights to Mastercard for the Indian cricket home season.
Byju's had a loss of Rs 4,588 crore in the financial year 2020-21 that ended March 31, 2021. Which is 19 times more than the previous financial year. He had a loss of 231.69 crores in the financial year 2019-20. On the other hand, talking about MPL, it had a profit of Rs 499.5 crore in the financial year 2020-21.
