While the entire world has been enjoying the ongoing Indian Premier League (IPL) 2020, another good news has knocked on the door of Indian Cricket Team. Before they board the flight for their upcoming tour to Sydney for the upcoming series against Australia, starting on November 12, the will get their new kit sponsor, fantasy gaming platform Mobile Premier League (MPL).
“We have signed a three-year deal. The official announcement will be made very soon,” a BCCI official confirmed on Sunday.
“Yes, Apex Council has passed the sponsorship deal for the apparel of Indian team (men, women, A and U19). However the rate per match will be Rs 65 lakh per game instead of Rs 88 lakh that Nike was giving,” a senior official said to PTI on conditions of anonymity.
While BCCI has turned away the loss for the overseas tour without the sponsor’s logo, it is understood that there has been a correction in the valuation too. Notably, there will be a loss of the 87 lakh rupees per game which the previous sponsors Nike used to pay in their reigns.
However, the BCCI had set a base price of R65 lakh for each game which is a 25 per cent decrease from their previous deal as well. Meanwhile, Nike’s deal had a royalty fee of 30 crore rupees on the merchandising rights where the base price was set at 24 crore rupees for 3 years. However, the value of the new deal with MPL is likely to be higher than the base price but it is less than the previous deal.
After Nike completed its 14 years’ relation with the board, they even didn’t collect the tender document when fresh bids were invited by the board. After the expiry of the contract in September, other companies like Adidas and Puma had shown their interest but did not work out as well.
Notably, Nike had a five-year-deal with the board where they paid Rs 370 crore from 2016 to 2020.
“No sporting apparel major was ready to pay that kind of money that Nike paid in current economic climate (due to COVID-19). One of the major reasons being merchandise items being very costly for common public,” the source added.
On the other hand, the board has been getting great ratings and attractive sponsorships from the ongoing Indian Premier League 2020 which was earlier decided to take place in March but due to the global pandemic novel COVID-19, it didn’t happen. And, with the postponement of ICC Men’s T20 World Cup 2020, the BCCI has decided to host the cash-rich league in Dubai behind the close doors. And, Dream 11 became it’s title sponsor as well.
Looking for a betting site with the best bonus for Indian customers? Discover the best ones for you!
If you like reading about MMA, make sure you check out MMAIndia.com
Also, follow India’s biggest arm wrestling tournament at ProPanja.com
ALSO READ:
Rohit Sharma’s fitness to be evaluated by the BCCI medical team
Jason Gillespie claims the absence of this Indian player to be a huge plus point for Australia
