Star India Asks BCCI For Rs 130 Crore Rebate In Existing Media Deal, Leave Byju’s Wants Board To Cash Rs 140 Crore Bank Guarantee

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Star India, the holder of the media rights of the India National Cricket Team’s home season, has asked the Board of Control for Cricket in India (BCCI) for an INR 130 crore rebate on the existing media rights deal, PTI reported.

Also, the outgoing jersey sponsor of the India National Cricket Team, Byju’s, wants the Board of Control for Cricket in India to cash in a bank guarantee of INR 140 crore to honor the current agreement.

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Notably, in June, Byju’s extended the jersey sponsorship deal through November 2023 for an estimated $35 million. However, in November, the board was informed by the ed-tech company that it wants the exit, but the board urged Byju’s to remain the jersey sponsor at least until March 2023.

Meanwhile, the BCCI will receive about INR 140 crore through a bank guarantee and the remaining amount, which is estimated to be about INR 160 crore, will be paid in installments.

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Only Byju and Star India issues were discussed at the meeting – BCCI source

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The issue regarding Byju’s and Star India was discussed by BCCI’s top executives at the virtual Apex Council on Monday.

Only Byju’s and Star India issues were discussed in the meeting, but that also lasted for over an hour. It was a serious business involving millions of dollars, so of course it took time,” a BCCI source told PTI.

Meanwhile, Star India had secured the media rights for India’s home season by paying INR 6138.1 for the period 2018-2023. However, now it has asked for a rebate of around INR 130 crore. Notably, many games in the deal period had to be moved due to the pandemic.

“The issue has been discussed at length, but the board has yet to make a final decision on it,” the source added.

CVC Capital Partners, BCCI
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