Global payments and technology company Mastercard is expected to replace Indian digital payments company Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI).
The board has, reportedly, accepted Paytm’s plea for the reassignment of its title rights. Paytm has been BCCI’s title sponsor since 2015, and renewed the contract in August 2019. The current agreement between Paytm and the BCCI runs from September 2019 to March 31, 2023.
The company had missed the July timeline to request for reassignment of the sponsorship. However, considering the "longstanding" relationship between the two parties, the BCCI, reportedly, accepted Paytm's request.
In August 2019, Paytm had extended its association as the title sponsor for international and domestic cricket matches in India by four years with a winning bid of Rs 3.8 crore per match. CCI is expected to reassign the rights at the same price to Mastercard.
It is learnt that Paytm will pay a reassignment fee of around Rs 16.3 crore.
According to an ET report, the transfer contracts have been drawn and signing will take place in the first week of August.