The Indian cricket team and kit sponsor Nike may soon part ways as the Board of Control for Cricket in India and the sportswear brand are locked in a tussle over contract renewal, the Economic Times reported. Nike’s association with the Indian team dates back to 2006.
The newspaper stated that BCCI are unhappy with the brand asking for an extension of lost time at a discount, having suffered losses during the coronavirus lockdown. Twelve of India’s matches have been called off so far due to the pandemic.
“Nike’s current deal as kit partner of the BCCI is ending in September. It was a four-year deal worth Rs 370 crore, which included Rs 85 lakh per match fee and a royalty of over Rs 30 crore to the board,” an official in the BCCI was quoted as saying.
“Nike’s business has greatly suffered during the lockdown and it is seeking extension for lost time at a discount. The board may not agree and we may have to come up with tender for the position.”
The BCCI will also be forced to look into its title sponsorship of Indian Permier League with smartphone makers VIVO if the ongoing India-China standoff continues, which could potentially lead to losses to the tune of Rs 440 crore.