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The Indian cricket team 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.
"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 the Indian cricket board 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.
Skipper Garg leads India to 35-run win over Bangladesh in U-19 Tri-series
Skipper Priyam Garg slammed a 97-ball century before the bowlers took centre stage to guide India U-19 to a 35-run win over Bangladesh U-19, their second consecutive in the Under-19 Youth ODI Tri-Series in Worcester.
Garg remained unbeaten on exactly 100, a knock that was studded with seven boundaries and four hits over the fence, taking India U-19 to 265 for five after opting to bat on Wednesday.
Besides Garg, left-handed opener Yashasvi Jaiswal made 63 off 90 balls up the order. Jaiswal struck six fours and one six during his knock.
Tilak Varma (23) and Pragnesh Kanpillewar (23) got starts but couldn't prolong their stay, while wicket-keeper Dhruv Jurel (34) also chipped in with useful runs towards the end.
Ably supported by left-arm spinner Shubhang Hegde (3/59) in the middle overs, right-arm medium-pacer Kartik Tyagi (4/16) then led India's bowling attack to bundle out Bangladesh U-19 for 229 in 47.1 overs.
Captain Akbar Ali (56), Shamim Hossain (46) and opener Tanzid Hasan (44) were the main run getters for Bangladesh U-19.
Leg-spinner Ravi Bishnoi (2/53) and medium pacer Purnank Tyagi (1/32) were the other wicket-takers for India U-19.
India U-19 had defeated hosts England U-19 by five wickets in the tri-series opener on last Sunday.
India will again meet Bangladesh in their next match in Cheltenham on Saturday.
Brief Scores: India U-19: 264 for 5 in 50 overs (Priyam Garg 100 not out, Yashasvi Jaiswal 63; Mrittunjoy Chowdhury 2/45) vs Bangaldesh U-19: 229 all out in 47.1 overs (Akbar Ali 56, Shamim Hossain 46; Kartik Tyagi 4/16, Shubhang Hegde 3/59).