Two of the Indian cricket team's main sponsors, MPL sports and Byju's, want to exit from their sponsorship agreements with The Board of Control for Cricket in India. In June, Byju's extended its jersey sponsorship agreement with The Board of Control for Cricket in India until November 2023 for an estimated USD 35 million.
Read a The Board of Control for Cricket in India note on the matter that "The Board of Control for Cricket in India received an email from Byju's on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023."
The matter was discussed at The Board of Control for Cricket in India Apex Council meeting on Wednesday.
The company recently announced that the edtech company plans to lay off not more than five percent of its total strength of 50000.
The team kit and merchandise sponsor had conveyed to The Board of Control for Cricket in India for the complete assignment of its rights to KKCL. The existing contract is valid until December 31, 2023. MPL replaced Nike in November 2020.
"The Board of Control for Cricket in India received an email communication from MPL sports on 2.12.2022 seeking a complete assignment at full value to KKCL, a fashion wear brand, for the period from 1.12.2023 to 31.12.2023.
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