Nike Stops Batting For Indian Cricket Players
Jan 9, 2019 at 4:12 PM
Nike, one of the biggest brand of sportswear in the world and the official sponsor of many of the Indian cricketers, has pulled out of the sponsorship leaving the Indian batsmen without any sponsor on the willow. The company has decided not to renew the contracts with Indian players like Ajinkya Rahane, Ravichandran Ashwin, Ravindra Jadeja, Manish Pandey, Axar Patel and Kedar Jadhav leaving them sponsor-less for the time being.
The real reason behind Nike leaving the cricketers in limbo is that the company spends a brawny amount of money to have an appearance of bats of these players but has been struggling with losses despite so much of advertisements. Nike’s 2014-15 balance sheet shows a deficit of over 500 Crores leading the company to cut their cost. It is learnt that they have also shut down about 30% stores in India to put a cap on their spendings.
Nike is one of the biggest sponsors of Indian cricket team playing a hefty amount of 60 Crores to make an appearance on Indian kit but looks they will soon make a disappearance from the Indian jersey as well.