BYJUS to end BCCI deal, sever ties with ICC and FIFA amid HUGE losses, no threat to Kerala Blasters partnership
Indian Cricket Shirt Sponsor: Hit by significant losses, BYJUS is about to end a series of investments in…
Indian Cricket Shirt Sponsor: Hit by major losses, BYJUS is about to end a series of its sports investments. The Ed-tech brand has already announced its decision to withdraw from sponsorship of the Indian cricket team. Their partnerships with FIFA and the ICC will also cease. However, BYJUS will continue its association with ISL Kerala Blasters side until 2024. Follow all sports news and live updates on Insidesport.IN
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Indian Cricket Shirt Sponsor: BYJUS pushes BCCI to end Jersey sponsorship, sever ties with ICC, FIFA amid HUGE losses, no threat to Kerala Blasters partnership – Check Out
Earlier this month, BYJUS signaled its intention to end its deal with the Indian team. The edtech major wants the board to cash in a bank guarantee worth an estimated Rs 140 crore to honor the current deal. Byju plans to lay off around 2,500 of its 50,000 employees by March in a bid to become profitable.
Previously, BCCI asked BYJUS to continue until at least March 2023. The edtech major extended its jersey sponsorship deal with BCCI until November 2023. The deal cost around $35 million. dollars. The brand replaced Oppo in 2019.
Indian cricket shirt sponsor: Why do BYJU want to come out?
- BYJUS took over the Indian jersey sponsorship from Oppo in 2019.
- BYJUS boomed with the ed-tech kickoff, signing a $35 million deal.
- The brand renewed its partnership for a new year in July.
- However, edtech services have now moderated after two consecutive years of hypergrowth.
- As it stands, BYJUS pays about 10% more than Oppo paid per game.
Now, CEO Byju Raveendran has confirmed that along with BCCI, the brand will be pulling out of deals with ICC and FIFA. The main reason is a huge loss of revenue in the financial year 2022. Their losses widened to Rs 4,588 crore while revenue stood at Rs 2,428 crore according to financial reports.
“The biggest optimization you will see over the next few months is that you will see us significantly reduce branding because we believe we have achieved the type of brand awareness that is required for the segment as well as for the ‘company. So you’ll see us leaving some of these branded deals,” Raveendran told Moneycontrol.
“We will not renew certain partnerships. We have several partnerships with BCCI, ICC and FIFA and by removing these brand initiatives by not renewing them, that’s where you will see a lot of improvements,” he added.
Indian Cricket Shirt Sponsor: BYJUS pushes BCCI to end Jersey sponsorship, sever ties with ICC, FIFA amid HUGE losses, no threat to Kerala Blasters partnership – Check Out
And while Raveendran confirms the company will end those deals, their deal with Kerala Blasters seems secure. Major ed tech has been the main sponsor of the ISL club since 2020. The Blasters are close to their hearts as the club hails from their own state of Kerala.
BCCI has lost three major companies as sponsors in the past six months. PayTM, which held the national rights of BCCI, transferred them to Mastercard. Kiltmakers MPL looked for a way out and handed over their rights to KKCL. The transfer rush was evident with the Indian players wearing MPL training kits, with Killer on their T20 shirts during the SL series.
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