Harsh Goenka’s viral quip on X reignited debate over India’s “jersey jinx"
Days later, Dream11 ended its ₹358-crore BCCI jersey deal after the new online gaming law banned such sponsorships
For two decades, nearly every jersey sponsor—from Sahara and Star to Byju’s and Paytm—has ended up in financial or regulatory crises
Business tycoon Harsh Goenka highlighted the risks of cricket sponsorships in one line that went viral on X (formerly Twitter). “Want to test your brand’s survival skills? Forget the stock market. Try sponsoring the Indian cricket team jersey!” his post read. Industry players called it “jersey jinx”.
His remarks came days after the government cleared the Promotion and Regulation of Online Gaming Bill, 2025, and fantasy gaming major Dream11 terminated its ₹358-crore front-of-jersey sponsorship with the Board of Control for Cricket in India (BCCI).
BCCI secretary Devajit Saikia on Monday confirmed that the board will “ensure not to indulge with any such organisations ahead in future”, as per ANI reports. This signals a break from money-based gaming platforms after the new law banned their advertising and sponsorship.
The online gaming major had signed a three-year agreement with the BCCI in 2023. Dream11 ranks among India’s biggest ad spenders. Its parent firm, Dream Sports, allocated nearly ₹2,964 crore towards advertising and promotions in FY23, up 37% from the previous year.
The Jersey's Costly Curse
Dream11 is the latest chapter in the two-decade old Jersey saga. Since 2001, nearly every sponsor of the Indian cricket jersey has eventually run either into financial trouble or regulatory fire.
Sahara India was the longest-serving sponsor from 2001 to 2013. It was once inseparable from the Men in Blue. However, its empire collapsed under regulatory heat. Some media reports stated that the company had raised ₹24,000 crore from 30 million investors.
At this point, the company faced Sebi (Securities and Exchange Board of India) action, with its founder Subrata Roy arrested in 2014. Even after Roy’s death in 2023, efforts to recover investor money continue.
After Sahara, Walt Disney-owned Star India came next in the row. Despite the jersey’s glitz, the broadcaster was accused of abusing its market dominance, triggering a Competition Commission probe. Meanwhile, Hotstar’s mounting financial strain eventually forced a merger with Jio, which weakend the dominant force in Indian sports broadcasting.
In 2024, the sponsorship baton then shifted to Micromax, but the homegrown handset maker’s stint was short-lived. It collapsed under Chinese competition. And fintech major Paytm, which stepped in from 2015, endured longer but was not without struggles. It also faced mounting losses and regulatory scrutiny.
Android phones maker Oppo too signed a record deal worth over ₹1,000 crore but pulled out midway citing poor returns, adding patent battles to its woes. In 2019, Byju’s inherited Oppo’s contract but quickly became another cautionary tale.
BCCI dragged the edtech giant to the NCLT (National Company Law Tribunal) over a ₹158 crore default. The insolvency petitions and regulatory probes also mounted against Byju’s. The edtech failed to make payments due to financial struggles which prompted BCCI to initiate insolvency proceedings.
Later, both the parties tried to seek the court-approved settlement, but the NCLT did not issue an order regarding the case. Following this, Byju’s escalated the matter to the NCLAT in Chennai. In June 2024, the proceedings began regarding the company’s alleged ₹158 crore payment to BCCI.
And the last one, Dream11 followed Byju’s which seemed better placed but has now run into the fresh hurdles of India’s new online gaming law. Tax authorities have also accused the company of evading ₹1,200 crore in GST but fresh probes are underway, leaving its sponsorship future in doubt.
