Indian cricketers will soon be wearing a new brand name on their official jerseys with Chinese mobile manufacturer Oppo handing over the sponsorship rights to Byju's, a Bengaluru-based educational technology and online tutorial firm.
The deal between the BCCI and Oppo, which was inked in 2017 for a five-year period, was reportedly worth Rs 1079 crore.
Virat Kohli and his men will be wearing the jersey with the new brand name from the upcoming home season, beginning with the assignments against South Africa from September 15.
About the announcement, Mr. Rahul Johri, CEO, BCCI, said, “On behalf of the BCCI, we would like to thank OPPO for its partnership with Indian Cricket. I congratulate BYJU’S on becoming the new Team India sponsor. BCCI and BYJU’S share a common vision and together we will take Indian Cricket forward.”
A source said that the transfer is a "tripartite agreement" between Oppo, Byju's and the BCCI and will be signed on Thursday.
"The Oppo and Byju's are negotiating among themselves on the possible handover of shirt sponsorship deal. The CoA has been intimated that they are discussing among themselves on the transfer of sponsorship" a senior BCCI official told PTI on condition of anonymity.
Byju Raveendran, Founder & CEO of Byju's said, "We are proud to be the Indian Cricket Team sponsor. Cricket is the heartbeat of all Indians and we are thrilled to be an integral part of our much-loved team. As a learning company, BYJU'S has always recognised the critical role that sport plays in a child's development. Just as cricket inspires a billion budding dreams across India, we too as a learning company hope to inspire the love of learning in every child's heart."
In March 2017, Oppo won the Indian team jersey rights for a five-year period after outbidding Vivo mobiles' Rs 768 crore bid.
As per the deal, Oppo was paying BCCI Rs 4.61 crore per bilateral match and Rs 1.56 crore for an ICC event game.
"Any transfer of sponsorship requires the interested parties to inform BCCI about negotiations. Accordingly, Byju's and Oppo have informed about their discussion. The BCCI doesn't stand to lose any money as the new company will pay exactly what the old one is paying.
"The BCCI has a clause which allows the transfer of sponsorship. Since there is a secrecy clause, the financial dealings can't be spoken about," the official said.
Another official said the transfer could, in fact, translate into more money for the Board.
"The BCCI stands to gain if there is a transfer of sponsorship. The two parties in question will have to pay an extra 10 per cent (between them) and also give a notice of six months. They must be negotiating who will carry the burden of those extra 10 per cent," the official said.
OPPO India said, “We would like to thank Team India and BCCI for a meaningful association that led OPPO to become a household name in just five years of operations in India. As OPPO enters into its sixth year, India will continue to remain a key growth market. To meet rapidly growing consumer demand, OPPO will accelerate its efforts on local Production, R&D and Retail. This will help OPPO bolster its commitment to offer Indian consumers cutting-edge technology and a premium experience.”
(PTI)
