BCCI IPL Sponsorship Issues – Upstox, Unacademy To Pull Out? It’s raining bad news for the BCCI. InsideSport reported on Thursday that…
BCCI IPL Sponsorship Issues – Upstox, Unacademy To Pull Out? It’s raining bad news for the BCCI. On Thursday, InsideSport had reported that BCCI’s title sponsor PayTM has decided to call it QUITS with the board. Now two IPL sponsors have decided to end their contracts with the world’s most lucrative cricket league. IPL’s main sponsor Unacademy & Upstok have informed the board that they want to end the association: Follow Indian Cricket LIVE UPDATES with InsideSport.IN
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Upstox, Unacademy withdraw? The official sponsors of the Indian Premier League (IPL), Upstox and Unacademy have informed BCCI of an immediate transfer of rights. The two brands want to end their association with the competition. Upstox and Unacademy’s partnership will run until IPL 2023, which is the 16th season of IPL.
The brands have requested the BCCI to transfer the sponsorship rights to another party. The representative offices of both brands are looking for other companies in the market to buy the IPL sponsorship for a period of 1 year.
BCCI offers a sponsorship clause, which allows the brand that has an existing partnership with India’s cricket board to sell its sponsorship rights to another company.
If brands are allowed to transfer the rights, they must pay the BCCI 5% as a transfer fee.
Will Upstox also leave ICC Sponsorship? It is reported that Upstox will also end its relationship with the International Cricket Council. The sponsorship amount is approximately USD 5MN.
Like several other start-ups, Upstox is reportedly experiencing financial stress and has reportedly decided to cut back on marketing costs, including the sponsorship deals with ICC & BCCI.
Along with Upstox, OPPO has also written to the ICC for the transfer of the sponsorship rights to a third party. InsideSport contacted ICC’s Marketing Department, who declined to acknowledge the developments.
“We cannot say anything about this. We don’t want to comment on it”said the member of the ICC Commercial team.
Indian Cricket Sponsor – PayTM Ready to Quit Indian Cricket? Meanwhile, BCCI has confirmed to InsideSport that PayTM does indeed want to STOP halfway through its sponsorship deal with Indian cricket.
The digital payment company has informed the BCCI that they are not interested in continuing as the title sponsor of Indian cricket. PayTM has further requested that the rights be transferred to Mastercard. But the board still has to approve the said request.
- Paytm had signed the deal for 326.80 crores in 2019.
- The deal would last until 2023
- The winning bid was 3.80 crore per match. This was an incremental value of 58% compared to the previous value per match of 2.4 million dollars.
- In 2015, Paytm became title sponsor of Indian cricket for the first time.
- Now PayTM has requested BCCI to transfer the rights to Mastercard.
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PayTM Ready to Quit Indian Cricket? BCCI has yet to approve the PayTM offer: The BCCI at the Apex Council meeting in Mumbai confirmed the development. As previously reported by InsideSport, the issue was on the agenda of the Apex Council meeting.
A source in BCCI confirmed the development to InsideSport, but said the PayTM request has not arrived on time and cannot be considered at this stage.
“Yes, they have filed a transfer request. It is true that there is a provision for the transfer of Rights to a third party. But such a request should have been made before July 1. confirmed the BCCI source to InsideSport.
What’s wrong with the BCCI sponsors?
Sponsors who leave BCCI midway through contracts have become something of a norm. Previously, OPPO left the Indian team’s JERSEY sponsorship agreement MIDDLE and the rights were transferred to Byju’s
Also in IPL, VIVO recently left the deal halfway through and the rights were transferred to TATA GROUP.
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