Indian Cricket Team faces sponsorship woes as Byju's and PayTM withdraw from their deals
Byju's had previously paid $35 million for a five-year sponsorship deal but withdrew from the contract before its completion, resulting in the Indian Cricket Team being left without a title sponsor. The Board of Control for Cricket in India (BCCI) has now initiated the process of finding a new front jersey sponsor for the team. Tender applications have been invited from interested businesses, but it is unlikely that a new deal will be finalized before the IND vs WI series, forcing the team to play without sponsorship.
Previously, Byju's had reduced its branding and exited the sponsorship agreement prematurely. BCCI faced another setback when PayTM also withdrew from the deal and transferred the rights to MasterCard.
To participate in the bidding process, interested parties must purchase the bid document for a non-refundable fee of Rs 5 lakh. The last date for purchasing the document is June 26. Considering that the West Indies series commences on July 12, it is unlikely that Team India will have a front jersey sponsor for the tour.
“Any interested party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing the ITT does not entitle any person to bid,” said Jay Shah
The Board of Control for Cricket in India (BCCI) has also released a comprehensive list of brand categories that are prohibited from applying for title sponsorship of the Indian cricket teams. The list, included as Annexure B in the official document, outlines the following banned brand categories:
A) Athleisure and Sportswear Manufacturer
B) Alcohol Products
C) Betting
D) Cryptocurrency
E) Real Money Gaming (excluding Fantasy Sports Gaming)
F) Tobacco
G) Categories that may offend public morals, including but not limited to pornography.
