Despite the absence of a written contract, edtech firm Byju’s has assured that they are ready to settle unpaid dues of USD 20 million (approximately Rs 160 crore) with Board of Control for Cricket in India (BCCI). Byju’s have reportedly conveyed to the Indian cricket board that, despite the lack of a formal contract, they will honor their financial obligations.
According to News18, the edtech giant is currently undergoing significant payment clearances within the company. These internal financial activities are expected to facilitate the settlement of outstanding dues with the BCCI.
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The development comes after the BCCI had taken Byju’s parent company, Think and Learn Pvt Ltd, to the National Company Law Tribunal (NCLT) for pending dues, and a case was officially registered earlier this month.
At the beginning of the year, Byju’s had three major branding collaborations with BCCI, ICC, and FIFA, which were set to expire in 2023. However, the company announced its decision not to extend any of these partnerships.
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BCCI and Byju’s saga
Byju’s had become Team India’s official jersey sponsor in 2019 after the departure of the previous rights holder, OPPO. However, the last phase of the term, starting from March 2022 and originally extended for the next 18 months, continued without a formal written contract in place.
The initial three-year arrangement between Byju’s and the Indian cricket board, established in 2019, was later extended until the end of 2023. Despite opting out midway through the extension period, the edtech firm continued the partnership until March 2023. It is further revealed that the BCCI received regular payments from Byju’s until September 2022.
Following Byju’s exit, Dream11 took over as Team India’s lead sponsor for a three-year period. The deal began with India’s Test series in West Indies earlier this year, marking the beginning of the World Test Championship 2023-2025 cycle.
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