In a recent report, it was informed that Oppo, a Chinese mobile production company has opted out of the jersey rights of Team India which they had bid in March 2017 for a contractual period of five years.
Sources told TOI that Oppo had made the winning bid of Rs. 1,079 crores in March 2017 but finds the value to be highly priced and unsustainable. It has been informed that the ‘OPPO’ of Team India’s jersey is likely to remain till September following which the rights will be relocated to Byju’s.
Byju’s is an educational learning technology that provides online tutorials. It is an Indian company based in Bangalore who caters to the educational needs of school going children.
BCCI will receive the same amount from Byju’s and the deal will continue till March 31, 2022. It is an agreement made between BCCI, Oppo and Byju’s that will be signed on Thursday.
“It is a negotiation between Byju’s and Oppo, where Oppo will hand over the jersey sponsorship rights to Byju’s. The transfer of any rights requires the two parties to inform the Board of their intentions.
A BCCI official said, “BCCI has an agreement clause that allows transfer of sponsorship. As there is a secrecy clause, the financial details cannot be disclosed.”
With the transfer of sponsorship, the two sides will have to pay an additional 10 percent and serve a six months notice. Although, it has not been confirmed who will bear the burden of additional 10 percent.