BCCI IPL sponsorship issue – Upstox, Unacademy to withdraw? Bad news is raining for BCCI. InsideSport reported on Thursday that…
BCCI IPL sponsorship issue – Upstox, Unacademy to withdraw? Bad news is raining for BCCI. InsideSport reported on Thursday that BCCI’s title sponsor PayTM has decided to call QUITS with the board. Now two IPL sponsors have decided to terminate their contracts with the world’s most lucrative cricket league. IPL’s central sponsor Unacademy and Upstock have informed the board that they want to wind up the association.: Follow Indian Cricket live updates with InsideSport.IN
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BCCI IPL sponsorship issue: Big blow for IPL and BCCI, now Upstock and Unacademy decide to withdraw as central sponsors IPL: Follow Live Updates
Upstox, will get out of Unacademy? The official sponsors of the Indian Premier League (IPL), Upstox and Unacademy have informed the BCCI to transfer the rights immediately. The two brands want to end their relationship with the league. Upstox and Unacademy’s partnership runs till IPL 2023 i.e. the 16th season of IPL.
The brands have requested the BCCI that they want to transfer the sponsorship rights to another party. The representative agencies of both the brands are looking for other companies in the market who are willing to buy IPL sponsorship for 1 year.
The BCCI provides a sponsorship clause, which allows a brand that has an existing partnership with India’s governing body for cricket to sell its sponsorship rights to another company.
If the brands can transfer the rights, they will have to pay BCCI 5% as transfer fee.
Will Upstox also leave the ICC sponsorship? Upstox is also said to be severing ties with the International Cricket Council. The sponsorship amount is around USD 5MN.
Like various other start-ups, Upstox is said to be going through financial stress and the company has reportedly decided to cut down on marketing expenses, including sponsorship deals with ICC and BCCI.
Along with Upstox, OPPO has also written to the ICC to transfer the sponsorship rights to a 3rd party. InsideSport contacted the ICC marketing department who refused to acknowledge the developments.
“We cannot say anything about it. We don’t want to comment on that.”ICC commercial team members.
Indian Cricket Sponsor – PayTM Ready to Quit Indian Cricket? Meanwhile, the BCCI has confirmed to InsideSport that PayTM is indeed looking to exit the sponsorship deal with Indian cricket midway through.
The digital payments company has informed the BCCI that it is not interested in continuing as the title sponsor of Indian cricket. PayTM also requested that the rights could be assigned to MasterCard. But the board has not yet approved the request.
- Paytm signed the agreement ₹326.80 crore in 2019.
- The deal was supposed to continue until 2023
- was the winning bid ₹3.80 crore per match. This was a 58% increase over the previous per match value ₹2.4 crores.
- In 2015, Paytm became the title sponsor of Indian cricket for the first time.
- Now Paytm has requested BCCI to give Mastercard rights.
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PayTM ready to leave Indian cricket? BCCI is yet to approve PayTM offer: The BCCI confirmed this development during the Apex Council meeting in Mumbai. As previously reported by InsideSport, the matter was on the agenda of the Apex Council meeting.
A BCCI source confirmed the development to InsideSport but said the Paytm request was not timely and cannot be considered at this stage.
“Yes, they have sent a request for transfer of rights. It is true that there is provision for assignment of rights to third parties. But such request should have been made before 1st July. BCCI sources confirmed to InsideSport.
What is the problem with BCCI sponsors?
It has become customary for sponsors to walk out midway through BCCI contracts. Earlier OPPO quit its Indian team JERSEY sponsorship deal midway and the rights were handed over to Byju
Along with the IPL, VIVO recently walked out of the deal midway and the rights went to the TATA GROUP.
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