American sportswear maker Nike on Tuesday said it has extended its contract with BCCI for another five years to sponsor Indian cricket team's uniform.
"Nike, the official apparel sponsors for the Indian National Cricket Team since December, 2005 has extended its contract for a period of five years with the Board of Control for Cricket in India (BCCI)," the company said in a statement. Nike will continue to be the official kit supplier to the Indian cricket team, it added.
The company did not comment on financials involved, but the deal size is estimated at about Rs 270 crore.
Nike's Rs 200 crore earlier contract with the BCCI for supplying the team uniform for five years expired in December last year, which was extended till March this year in view of the cricket World Cup.
According to industry sources, the BCCI did not opt for a bidding process for the uniform sponsorship and decided to extend the contract with Nike, thus keeping out rivals Reebok and Adidas.
"Nike had the first right of refusal in this case. The BCCI did not go into the market to see if others were interested," said a senior official from a sportswear firm, who did not wish to be identified.
Commenting on the contract extension Nike India Managing Director Tarun Puri said: "The extension of our contract for apparel sponsorship with the BCCI is testimony to Nike's commitment to providing the most innovative products to the Indian national cricket team and to the BCCI".