The Indian cricketers will shortly be wearing a new brand name on their official jerseys with Chinese mobile company Oppo handing over the sponsoring rights to Byju’s, a Bengaluru-based educational technology and online tutorial firm.
The deal within the BCCI and Oppo, which was inked in 2017 for five years, was reportedly worth Rs 1079 crore.
Virat Kohli and his men will be using the jersey with the new brand name from the future home season, opening with the responsibilities against South Africa from September 15.
A Source announced that the transfer is a “tripartite agreement” in Oppo, Byju’s and the BCCI and will be confirmed on Thursday.
“The Oppo and Byju’s are selling among themselves on the possible handover of shirt sponsoring deal. The CoA has been suggested that they are talking among themselves on the transfer of sponsorship” a senior BCCI official told PTI on condition of anonymity.
In March 2017, Oppo won the Indian team jersey rights for five years after outbidding Vivo mobiles’ Rs 768 crore bid.
As per the deal, Oppo was spending BCCI Rs 4.61 crore per mutual match and Rs 1.56 Cr for an ICC event game.
“Any transfer of sponsoring requires the interested agents to inform BCCI about discussions. Accordingly, Byju’s and Oppo have told about their proposal. The BCCI doesn’t pay to lose any money as the new company will spend individually what the old one is spending.
“The BCCI has a condition which allows the transfer of sponsorship. Since there is a privacy clause, the financial dealings can’t be spoken about,” the official said.
Another official said the change could translate into more money for the Board.
“The BCCI stands to earn if there is a transfer of sponsorship. The two parties in issue will have to pay an extra 10 per cent (between them) and also give notice of 6-months. They must be selling who will carry the burden of those extra 10 per cent,” the official said.