Sri Lanka Cricket (SLC) has extended its association with main sponsor, telecommunications brand Dialog Axiata.
The deal will run for three years and reports suggest it is worth significantly less than the previous contract in financial terms.
InsideSport reports that it is worth 30-per-cent less per season than the three-year deal which preceded it, which was reported to be worth LKR 1.2bn (€5.7m/$6.5m) across the three years.
The new agreement is reported to be worth LKR 1.2bn.
The rights to the main sponsorship of Sri Lanka cricket had been available to the market since February 2020, with one other brand, an Indian sports marketing agency, said to have lodged a bid for the rights.
The Pakistan Cricket Board recently found itself in similar circumstances, after a lack of interest in its main sponsorship rights saw it agree to a reduced-value deal with global soft drink brand Pepsi.
SLC has also recently faced challenges in relation to the sale of its domestic media rights. In May it was reported to be dissatisfied with the bids it received in response to a tender which closed in February.
This has now been extended further as companies await the finalised schedule for Sri Lanka’s tour of India, which was due to take place in July but has been postponed due to the Covid-19 outbreak.
Sri Lanka Cricket’s international media rights have historically been acquired by Indian broadcasters, with that market accounting for most of their value.
They were previously held by pay-television broadcaster Sony Pictures Networks India in a deal worth around $60m across the seven-year contract, which ran until March 2020.