From September onwards, Team India will have a new brand name on their jerseys.
Chinese mobile-maker Oppo will be replaced by Byju's, the Bangalore-based educational technology and online tutorial firm.
Team India will sport the Oppo logo on their jerseys till the West Indies tour which commences from 3 August and ends on 2 September. Once, the South Africa tour of India begins from 15, September, Byju's will be the new brand sported by the Indian team.
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 crores, outbidding Vivo mobiles' Rs 768 crore bid.
A Source said that the transfer is a "tripartite agreement" between Oppo, Byju's and the BCCI and will be signed on Thursday.
"The 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.
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 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.
. Read more on Cricket by The Quint.RSS & BJP’s Nehru-Netaji ‘Cosplay’: Irony Dies a Thousand DeathsLatest News: Senior NCP Leader Sachin Ahir Joins Shiv Sena . Read more on Cricket by The Quint.