BYJU's keen to end jersey sponsorship deal with BCCI: Report
What's the story
As per the latest developments, BYJU's is keen to end its jersey sponsorship deal with the Board of Control for Cricket in India (BCCI). Though the deal was renewed recently, the educational-technology company now wants to end the association. BYJU's has informed the same to BCCI. Notably, the company has been associated with BCCI as a jersey sponsor since 2019. Here's more.
Context
Why does this story matter?
Before BYJU's, Chinese smartphone giants OPPO had the jersey sponsorship rights of the Indian team. In 2019, they ended their deal midway and BYJU's came into the picture. The ed-tech company signed a tripartite deal with the Indian cricket board in 2019. Earlier this year, the deal was renewed for a fresh term of 18 months at a 10 percent premium.
Quote
What did the source say?
According to an Economic Times report, BYJU's is keen to end the deal. "Byju's wants to walk out of the sponsorship deal with BCCI since it is optimizing its media spends in India," a source close to the development told ET.
Deal
BYJU's deal with ICC
Many reckon BYJU's have gone over budget with multiple deals in the sporting arena. In 2021, the company signed a three-year deal with the International Cricket Council (ICC) as the global partner. The deal was said to be valued at upwards of Rs. 120 crore. Notably, BYJU's is one of the most prominent Indian start-ups, which has been constantly making lucrative marketing deals.
Facts
Interest not limited to cricket
Earlier this year, the Fédération Internationale de Football Association (FIFA) announced BYJU's as their official sponsor for the ongoing 2022 Qatar World Cup. To amplify their engagement, they even signed Argentina footballing great Lionel Messi as their first global ambassador of its social impact arm 'Education For All'. Notably, the company was amid mass layoffs when the major announcement was made.
Speculations
BYJU's interest in cricket fading?
Many see BYJU's reported decision to end India's jersey sponsorship deal as the beginning of their fading interest in cricket. Their deal with ICC will end next year and given their massive investment in FIFA, a section of fans believe the company will be more inclined toward global sports. Meanwhile, many also see this move as an effort to rationalize spending.