According to reports, Byju's and MPL want to end their sponsorship deals with BCCI early, as the contracts are set to expire at the end of year 2023.
Two of the major sponsors of the Indian cricket team, Byju's and MPL both reportedly want to end their respective deals with BCCI early. The contract of the edtech major as well as the kit and merchandising sponsor are set to expire at the end of 2023, but they have informed BCCI about their desire to end their respective deals early.
The apex cricket board has urged both sponsors to continue their association until at least the month of March 2023.
Earlier in June 2022, Byju's had extended their sponsorship deal with BCCI until November 2023, for an estimated USD 35 million, but they want out of that deal, and the issue was discussed by BCCI's top brass at the Apex Council meeting on Wednesday.
"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 note from BCCI.
Byju's replaced Oppo as Team India's jersey sponsor back in 2019 and was among one of the sponsors for FIFA World Cup 2022 as well.
The edtech major had earlier announced their plans to lay off a maximum of five per cent of their employees, approximately 50,000 people.
Furthermore, the kit and merchandising sponsor MPL has informed BCCI that they wish to end their agreement as well, which ends in December next year.
MPL had earlier taken over as the official merchandising partner of Team India back in 2020 from Nike.
"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.
The apex board have asked MPL to continue the current arrangement till March because it involves performance gear for Team India's men's and women's sides.
"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."