Rajasthan Royals, Jaipur franchisee and Bajaj Allianz have mutually agreed to part ways by together withdrawing the court cases in Delhi & Mumbai respectively.
Last year, the MOU was performance based and structured payments were to be released on the team reaching the various stages of the tournament. After the team won the first season, Rajasthan Royals made a revised proposal to Bajaj Allianz which RR thought to be a win win situation for both parties. This led to some differences between the two parties.
Later, when the Champions League agreement did not fructify & Bajaj wanted to air their advertisements, Rajasthan Royals went ahead & terminated the MOU & filed legal proceedings against Bajaj Allianz over non-payment of dues.
Manoj Badale, CEO of Rajasthan Royals, said, “We had an excellent relationship with Bajaj Allianz, who supported us when we were the underdogs. (Which later proved to be a good investment for Bajaj). Currently, we have decided to withdraw the legal proceedings and resolve the issues out of court. In hindsight, after parting ways, we feel that the relationship could have been taken to a mutually beneficial level.
Kamesh Goyal, Country Head – Allianz and CEO, Bajaj Allianz Life Insurance, said, “We had frank and fair discussions on all the issues and have mutually agreed to terminate the present MOU. We wish Rajasthan Royals all the best.”
Rajasthan Royals are in the process of informing all stakeholders, IPL & IBF (Indian Broadcasting Federation) about the termination of the relationship.