Mastercard is all set to replace Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). Paytm held the rights till the end of 2023. Paytm requested BCCI to assign its India Home Cricket title rights to credit card major Mastercard. Paytm had reportedly missed the July deadline to request a reassignment. However, BCCI has been willing to consider its delayed request due to their ‘long standing’ relationship.
Mastercard will reportedly be assigned the rights till 2023, as per the original terms of the Paytm deal and will continue to pay INR 3.8 Cr per match. Paytm, on the other hand, will have to pay a re-assignment fee of around INR 16.3 Cr – 5% of the original deal value (INR 326.8 Cr).
Paytm and BCCI first inked a contract for the title sponsorship in 2015 for INR 203 Cr for four years (i.e., INR 2.4 Cr per match). The deal had been last renewed in August 2019 for up to March 2023 and Paytm would be placing a winning bid of INR 3.80 Cr per match – a 58% increase from the previous deal.
Important takeaways for all competitive exams:
- Mastercard Founded: 16 December 1966, United States;
- Mastercard Headquarters: New York, United States;
- Mastercard CEO: Michael Miebach;
- Mastercard Executive Chairman: Ajay Banga.