New Delhi: The 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.
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.
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 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 percent (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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
New Delhi: Raghu Karnad, The Wire‘s consulting editor and former bureau chief, on Thursday received the Windham-Campbell prize at Yale University in the US for his book Farthest Field: An Indian Story of the Second World War.
On receiving the prize, Karnad said he wrote the book without any certainty that it would even find a publisher outside of India. “To have it recognized like this—and placed in the company of others that were my inspirations—feels less like an achievement than a fantastical dream,” he said. He received the non-fiction category prize for “combining forensic archival research with imaginative fire and unsettling national and colonial histories” in his book.
The book narrates a lost chapter in Indian history through the lives of five young people and was the end result of an essay written in 2012 on the living traces of the Second World War in India’s northeast.
He received also received the prize money of $165,000 at the official ceremony held at the Yale University Art Gallery from the university’s president Peter Salovey.