The BCCI highlighted the outstanding balance in a memo it presented to the Apex Council on Thursday.
The Indian cricket team's jersey sponsor, Byju's, reportedly owes the BCCI Rs 86.21 crore, while title sponsor Paytm has asked the board to transfer its rights to a third party.
Only in April did the BCCI and Edtech business agree to extend their cooperation through the end of the ODI World Cup in India in 2023 at a 10 percent increase.
According to Cricbuzz, the BCCI highlighted the outstanding balance in a memo it presented to the Apex Council on Thursday. The note mentioned:
"As of 16.7.2022, Bjyu's following payments have been overdue:
* Rs. 22,22,76,000 (Net of TDS) March 2022 as of (previous contract term)
* Invoice amounting to Rs. 106.49 crore from June - July 2022 (new term) are raised out of which Rs 86.21 Crores is due (as on 21 July 2022)
* Bjyu's hasn't furnished the new bank guarantee yet.
* Bjyu's have been insisting on agreeing to the revised payment arrangement i.e. via a third party which shall be mentioned in the contract. BCCI's last communication to Byju's on 12.7.2022 has been to sign the amendment as per the agreed revisions mentioned above."
The company has clearly denied that there are any unpaid balances. A representative for the Edtech business told Cricbuzz, "We're really thrilled to be the primary sponsor of the Indian cricket squad."
"No outstanding payment is due. We are extending the contract and payment terms for the same will be as per the new contract," Cricbuzz quoted a Byju's spokesperson saying.
On the other hand, Paytm is reported to have asked BCCI to give Mastercard the title rights.
The BCCI note as reported by Cricbuzz states, "Given the COVID situation, during the last two years, Paytm's many businesses have needed to make dynamic changes in their plans and marketing spends. On 1.7.2022, Paytm sent an official request to BCCI for assigning their Indian home cricket title sponsorship rights to a global leader in its category, Mastercard.
"As per the current agreement with Paytm (period 1st Sep 2019 till 31st Mar 2023), there is a provision for assignment of rights to a third party, however the timeline for such a request was to be made on or before 1st July 2021 for the assignment w.e.f. 1st Sep 2021 with a 5% assignment fee at the same deliverable terms.
"The timeline for the request to assign is post the due date, however, we can make an exception looking at the long-standing relationship with Paytm and consider their request favourably."
The issue was discussed by the BCCI Apex Council on Thursday.
"As of today, Byju's owes dues of Rs 86.21 crore to the Board," a BCCI source told.
(With inputs from PTI)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "File Photo")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}