CAN signed a three-year deal under which it will receive Rs 15.5 million annually under two different heads, excluding VAT.
As per the agreement, NT will be the sole sponsor of the national men's and women's cricket teams and shall provide CAN with Rs 8.5 million for the purpose. Similarly, NT will also provide Rs 7 million to CAN to host Nepal Telecom Championship Trophy, a men's T20 cricket tournament.
CAN Acting President Deepak Koirala and NT Managing Director Buddhi Prasad Acharya signed the agreement on behalf of their respective institutions. The sponsorship amount will be increased by 10 percent in the third year.
The previous biggest sponsorship deal was for golf. The Rs 13 million deal was signed with Surya Nepal.
The deal also includes the provision to allocate at least 25 percent of the sponsored amount to national players as allowances. The national team will be the brand ambassador of NT.
Similarly, Rs 7 million allocated for the tournament will be the event carrying the highest prize in domestic cricket. While the winner of the tournament will get Rs 1 million, runner up team will take home Rs 700,000. The remaining money will be spent to cover management costs and other expenses of the tournament.
NT Managing Director Acharya said the telecom company has joined hands with cricket governing body as the national team has made big achievements at international level. "Nepali team has achieved a lot in a short period. Thus, we decided to support CAN. We hope the sponsorship deal will help develop and promote the game," said Acharya.
Acharya also handed over the men's team jersey with NT's logo to men's national team skipper Paras Khadka.
Meanwhile, CAN Acting President Koirala said the sponsorship will be fruitful for development of cricket and will help the national team achieve new heights.
"Signing sponsorship agreement with NT is a big achievement for CAN," he added. CAN CEO Bhawana Ghimire opined that the agreement will encourage Nepali cricket players.
Related story
Sponsorship deal for PM Cup One-Day Cricket signed
