New Delhi: From September onwards, Team India will have a new brand name on their jersey. Chinese mobile-maker Oppo will be replaced by Byju's, the Bangalore-based educational technology and online tutorial firm.
Team India will sport Oppo logo on their jerseys till the West Indies tour which commences from August 3 and ends on September 2. Once, South Africa's tour of India begins on September 15, Byju's will takeover the jersey.
In March, 2017, Oppo had won the Indian team sponsorship rights for a five-year period, i.e. till March, 2022, for a whopping amount of Rs 1079 crore, outbidding Vivo mobiles' Rs 768 crore bid.
However, according to a report in a leading national daily, Oppo has now decided to exit the space because it finds the value at which it acquired the rights in 2017 to be "extremely high" and "unsustainable".
The report further says that the Board of Control for Cricket in India (BCCI) will continue to receive the same amount from Byju's and will be at no loss for the entire duration of the deal which runs till March 31, 2022.
Oppo was paying the BCCI Rs 4.61 crore per bilateral match and Rs 1.56 crore for an ICC event match. Before that, STAR India used to pay Rs 1.92 crore per bilateral match and Rs 61 lakh for an ICC match.
