Team India cricketers may have a new brand name on their jerseys September onwards. Bangalore-based educational technology and online tutorial firm Byju's is likely to replace Chinese mobile maker Oppo on the team's jerseys.
Indian cricketers may sport Oppo logo on their jerseys only till the end of the upcoming West Indies tour, which begins from August 3 and ends on September 2. Byju's is expected to take over the jersey once India starts its South Africa tour from September 15.
Oppo in March 2017, had won the sponsorship rights for Rs 1,079 crore for a period of five years. i.e. till March 2022. It had outbid Vivo mobiles' Rs 768 crore bid.
However, Oppo has now taken the decision to quit the space as it finds the value at which it acquired the rights in the year 2017 to be "extremely high" and "unsustainable", according to a Times of India report.
The report further added that the BCCI will keep receiving the same amount from Byju's. Hence, it shall be at no loss throughout the deal which runs till March 31, 2022.
"Basically, what Oppo has done is cut its losses. They've reassigned the rights to Byju's. They will pay Byju's a minor amount to help make the full payment while Byju's will pay BCCI. The board will continue to get what is due to it," sources told the news daily.
Oppo was making a payment of Rs 4.61 crore per bilateral match and Rs 1.56 crore for an ICC event match. Prior to that STAR India was paying Rs 1.92 crore per bilateral match and Rs 61 lakh for an ICC match.