Team India may lose Nike logo after 14 years

Mumbai: The Indian cricket team may soon have to let go of kit partner Nike, as the cricket board and the sportswear brand are locked in a tussle over contract renewal. The Board of Control for Cricket in India is already under pressure to revisit sponsorship deals. BCCI may have to let go of China’s Vivo as the title sponsor of the Indian Premier League. With Nike, it is in the board’s hands to retain the partnership that dates back to 2006. “Nike’s current deal as ‘kit partner’ of the BCCI is ending in September. The four-year deal worth Rs 370 crore included Rs 85 lakh per match fee and an annual royalty of Rs 12-15 crore to the board,” said a top source in BCCI. “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.” Both Nike and BCCI did not respond to ET’s queries. Sports marketing experts feel this is the right time for brands to bargain.

from Economic Times https://ift.tt/3hZRvSN