BCCI IPL Sponsorship Woes – Upstox, Unacademy to pullout? 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 central sponsor Unacademy & Upstok have informed the board that they would like to discontinue the association: Follow Indian Cricket LIVE UPDATES with InsideSport.IN
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BCCI IPL Sponsorship Woes: Big setback for IPL & BCCI, now Upstok & Unacademy decides to pullout as IPL Central Sponsor: Follow LIVE UPDATES
Upstox, Unacademy to pullout? The official sponsors of the Indian Premier League (IPL), Upstox and Unacademy have informed BCCI of an immediate transfer of rights. The two brands wish to discontinue their association with the league. The partnership of Upstox and Unacademy runs till IPL 2023 i.e 16th season of IPL.
The brands have requested the BCCI that they would like to transfer the sponsorship rights to a other party. The representative agencies of both brands have been looking for other companies in the market who are willing to buy the IPL Sponsorship for 1 year period.
BCCI provides a sponsorship clause, which allows the brand that has an existing partnership with the cricket governing body of India to sell its sponsorship rights to some other company.
If brands get to transfer the rights they will have to pay the BCCI 5% as transfer fee.
Will Upstox also leave ICC Sponsorship? It is being reported that Upstox will also quit from the relationship with the International Cricket Council. The sponsorship amount is around USD 5MN.
Like various other start-ups, Upstox is reportedly going through financial stress and the company reportedly has decided to cut on Marketing Costs that includes the sponsorship deals with ICC & BCCI.
Along with Upstox, OPPO also has written to the ICC for transfer of the sponsorship rights to a 3rd party. InsideSport reached out to ICC Marketing departpment who refused to acknowledge the developments.
“We can’t say anything about this. We would not like to comment on it”, said the member of ICC Commercial team.
Indian Cricket Sponsor – PayTM Ready to Quit Indian Cricket? Meanwhile, BCCI has confirmed to InsideSport that PayTM indeed is looking to QUIT the sponsorship deal with Indian cricket mid-way.
The digital payment company has informed the BCCI that they are not interested in continuing as Title Sponsor of the Indian cricket. PayTM has further requested that the rights may be assigned to Mastercard. But the board is yet to approve the said request.
- Paytm had signed the deal for ₹326.80 crores in 2019.
- The deal was suppose to continue till 2023
- The winning bid was ₹3.80 crore per Match. This was at 58% incremental value in comparison to the previous per match value of ₹2.4 crores.
- In 2015, Paytm for the 1st time became title sponsor of Indian cricket.
- Now PayTM has requested BCCI to assign the rights to Mastercard.
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Indian Cricket Sponsor: PayTM want to ‘LET-GO’ the title sponsorship rights, requests BCCI assign the same to Mastercard: Follow LIVE UPDATES
PayTM Ready to Quit Indian Cricket? BCCI yet to give approvals to the PayTM offer: The BCCI during the Apex Council meeting in Mumbai has confirmed the development. As reported earlier by InsideSport, the matter was agenda of the Apex Council meeting.
A source in BCCI confirmed the development to InsideSport but said PayTM request has not been timely and at this stage can’t be considered.
“Yes, they have sent in a request for the trasfer of the rights. It is correct there is a provision for assignment of Rights to a third party. But such request should have been made before 1st July”, confirmed the BCCI source to InsideSport.
What’s wrong with the BCCI Sponsors?
Sponsors leaving the BCCI contracts midway has become norm of sorts. Earlier OPPO left its Indian team JERSEY sponsorship deal MID-WAY and the rights were transferred to Byju’s
In IPL as well VIVO recently left the deal mid-way and the rights were passed on to TATA GROUP.
Follow Indian Cricket LIVE UPDATES with InsideSport.IN
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