Mastercard to replace Paytm as title sponsor for BCCI matches
Indian payments unicornis set to end its seven-year association with the Board of Control for Cricket in India (BCCI), with reports that Mastercard will take over the title sponsorship of all domestic and international matches organised by the apex sports board.
First reported by Economic Times, Paytm had requested to end their sponsorship a year early, with Mastercard taking over the reins until 2023 at least. It has been reported that the price of the title sponsorship will remain the same for Mastercard as it was for Paytm during the remainder of the tenure. The handover should be finalised in the next five to 10 days.
In August 2019, Paytm had renewed their title sponsorship deal with the BCCI for another four years at a price of Rs 326.80 crore, or Rs. 3.80 crore per match. They had initially signed on to work with the BCCI between 2015 and 2019 at a price of Rs. 2.4 crore per match.
Reportedly, both edtech unicorn Unacademy and digital brokerage unicorn Upstox have also asked to end their associate sponsorships with the BCCI. Unacademy founder Gaurav Munjal had already tweeted about the company's decision not to renew their deal earlier this month.
While Unacademy did not comment on the report, an Upstox source told Economic Times, "Upstox has already achieved its business targets from the IPL sponsorships. Its valuation has crossed $3.5 billion and now the brand doesn’t need IPL anymore to reach a new audience."