Leading mobile e-commerce company Paytm, which held the rights to every India home series till 2023, has withdrawn from an agreement with the Board of Control for Cricket in India, with the Indian board asking Mastercard to step up for the forthcoming season.
A board official privy to the sponsorship change told Hindustan Times about the Mastercard switch on July 21 upon the conclusion of the board’s apex council meeting in Mumbai, declaring the end of Paytm’s longstanding association with Indian cricket.
“Mastercard will be coming on board on the same terms,”
said the official, with the “same terms” referring to Paytm’s INR 3.8 crores handed out to the BCCI per match for retaining title rights for each India home series.
Given the circumstances in which Mastercard has been asked to step up, the board is only looking to get their due sums out of the deal signed with Paytm and not eyeing any surplus. Paytm’s deal with the Indian board commenced in October 2019, and the company was due to pay a collective sum of INR 326.8 crores over the four-year cycle.
The tripartite deal with Mastercard is similar to how Byju’s, a rising online edu-tech firm, took over OPPO when it came to BCCI’s India jersey rights.
Similarly, Byju’s have their contract running till the 2023 World Cup at home as part of the recent extension earned from the Indian board. At the apex council meeting, the board also discussed the dues amounting to INR 86.21 crores that Byju’s are supposed to pay to the board.
Mastercard’s first assignment as title sponsors will be the T20I series against Australia in September, which will be followed by the visit from South Africa for three T20Is and three ICC Super League ODI games. The Indian team will also host Sri Lanka, New Zealand and Australia in the remaining portion of their 2022-23 home season.
