Indian Cricket: Star India asks for discount, while Byju's wants BCCI to cash-in bank guarantee

Add as a preferred source on Google

BCCI has been asked to consider a discount by their main broadcaster Star India, while shirt sponsor Byju's wants them to encash a bank guarantee.

Top BCCI officials were in discussion for more than an hour virtually to find a solution to the demands and the subjects were the focal matter of their meeting on Monday.

Star India wants a discount:

Star India, the sole broadcaster of BCCI has asked for a Rs 130 crore discount from the apex body of Indian cricket for the current deal. Star got the rights to broadcast India's international and domestic matches for the 2018-2023 period and paid Rs 6138.1 crore to BCCI for the deal.

And it ha to be seen how BCCI reacts to their demands given the current cycle ends in March. BCCI is already looking to sell the media rights for the next five years and it has to be seen if the development affects any future deal.

Byju's want BCCI to encash Bank Guarantee:

India's shirt sponsors Byju's told BCCI last November that they want to exit as the jersey sponsor of the Indian team. BCCI asked Byju's to continue till March 2023. The educational company made the deal with BCCI last June for an estimated USD 35 million, which was set to run till November 2023.

The deal, which is worth Rs 300 crore, will be paid by Byju's in separate transactions. Byju's wants BCCI to encash Rs 140 crore bank guarantee and the remaining Rs 160 crore will be paid in instalments.

The company is going through losses and is set to lay off around 2500 of its 50,000 employees by March to relief their stringent financial conditions.

"Only Byju's and Star India issues were discussed in the meeting but that also took well over an hour. It was a serious matter involving millions of dollars so naturally, it took time," a BCCI source said to the news agency PTI.

The official also confirmed that although the discussion were thorough, BCCI is yet to come to a conclusion and take a final call regarding the matters.