Despite the absence of a written contract, edtech company Byju’s says it is committed to paying the Board of Control for Cricket in India (BCCI) unpaid dues amounting to USD 20 million (approximately Rs 160 crore).
It is reliably understood that Byju’s has conveyed to the cricket board that given their long-standing relation with Indian cricket, they will honour the contract, even if “there isn’t one in place” without fail.
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Sources say Byju’s is in the middle of some major payment clearances and asset sales within the company following which they intend to settle with BCCI.
The BCCI took Byju’s parent company Think and Learn Pvt Ltd to the National Company Law Tribunal (NCLT) and a case was officially registered earlier this month. It’s likely the matter will be settled soon.
The edtech company had come on board as Team India’s official jersey sponsor after the exit of previous rights holder OPPO in 2019 but it is learnt that the last leg of the term, March 2022 onwards and originally extended for the next 18 months, had continued without a written contract in place.
Byju’s had originally got into a three-year arrangement with the Indian cricket board in 2019 and it was later extended until the end of 2023. The edtech firm, however, opted midway out of the extension period. The company wrote to the BCCI to end the arrangement after the T20 World Cup in 2022 but the two parties agreed to continue until March 2023. It is further learnt that BCCI received regular payments until September 2022.
Following Byju’s exit, Dream11 came on board as Team India’s lead sponsor for the period of three years. The deal got underway with India’s Test series in West Indies earlier this year, the first assignment of the World Test Championship 2023-2025 cycle.
Commenting on the partnership, BCCI President Roger Binny had said, “I congratulate Dream11 and welcome them on board again. From being BCCI’s official sponsor to now being the lead sponsor, the BCCI-Dream11 partnership has grown from strength to strength. It is a direct testament to the trust, value, potential and growth that Indian Cricket offers. As we prepare to host the ICC World Cup later this year, enhancing fan experience is among our top priorities and I am confident that this partnership will help us elevate the fan engagement experience.”
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