The Indian Cricket Team are more likely to go without their apparel sponsor whilst touring Australia after the Indian Premier League comes to an end. Team India are in this situation all because of current apparel Nike decided not to renew their contract after they inherit losses in the COVID-19 pandemic.
The four-year deal between BCCI and Nike was worth Rs 370 crore included Rs 85 lakh per match fee and an annual royalty of Rs 12-15 crore to the board. Nike was involved in a tussle with the Board of Control for Cricket in India over contract renewals they wanted BCCI to renew it slightly at a lesser rate than what it was before.
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But with BCCI not ready to settle for less, they invited fresh bids for the apparel sponsorship rights. Unfortunately ever since BCCI laid out a tender for fresh bids, no other company has seemed to have approached BCCI with any bids.
Team India Set to travel Australia without Apparel Sponsor
Team India is all set to travel to Australia post the Indian Premier League concludes which is why BCCI have very less time in hand to procure any deal. Moreover, we might likely see Team India playing the test series without an apparel sponsor. Also on the other hand BCCI has stopped accepting any bids in the tender process for new apparel rights partners and instead, has been in discussion to invite potential bidders to come and discuss.
According to a report in Times Of India, A few sources in the board have confirmed that they are contemplating on floating an ITN- Invitation to Negotiate where we could see the BCCI negotiate with interested party members face to face.
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The source further quoted saying that there are interested parties which are willing to sponsor but at a lesser rate than what Nike offered. But the big question for them is can their investments further draw any value for the company as well as BCCI.
“There are interested parties. Maybe not at the same value, which is understandable, but their primary question is what further value can they draw from their investments?” sources were quoted as by TOI.