Global sports goods manufacturer Nike has bagged the official kit sponsorship rights for the Indian cricket team for the next five years.

Announcing this after a meeting of the BCCI Marketing Committee in Mumbai on Friday, BCCI vice president Lalit Modi told reporters that the contract is for the period from January 1, 2006 to December 31, 2010.

"With this, BCCI has become the world's most valued brand in team sponsorship," Modi said.

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Among the final short-listed companies, Nike had bid the highest at Rs 196.66 crore to get the sponsorship deal, he added.

Besides Nike, others who were short-listed were Reebok, Adidas and Slazenger.