Indian cricketers will soon wear a new brand on their official jerseys, and Chinese mobile device manufacturer Oppo will hand over the sponsorship rights of Byju, an online educational and mentoring technology company based in Bengaluru.
The agreement between BCCI and Oppo, which was signed in 2017 for a period of five years, was supposedly worth 1079 crore.
Virat Kohli and his men will wear the shirt with the new mark of the next local season, starting with the assignments against South Africa from September 15.
A source said the transfer is a "tripartite agreement" between Oppo, Byju and the BCCI and will be signed on Thursday.
"Oppo and Byju are negotiating with each other the possible delivery of a T-shirt sponsorship agreement. The CoA has been hinting that they are discussing with each other about the transfer of sponsorship," said a senior official from BCCI to PTI on condition of anonymity.
Under the agreement, Oppo paid a $ 4.61 upbringing of the BCCI by bilateral match and a crore of ¥ 1.56 for an ICC event game.
“Any transfer of sponsorship requires that interested parties inform BCCI about the negotiations. Consequently, Byju and Oppo have reported on their discussion. The BCCI does not risk losing money, since the new company will pay exactly what the previous one pays.
“The BCCI has a clause that allows the transfer of sponsorship. Since there is a secret clause, you cannot talk about financial transactions, "said the official.