Money transfer and payments company MoneyGram has renewed its sponsorship agreement with the International Cricket Council (ICC) for another eight years. MoneyGram will sponsor all tournaments approved by the ICC, and related events, till 2023.

The earlier agreement between the two entities was for five years, including sponsorship of the 2011 and 2015 ICC World Cup tournaments, MoneyGram said in a press release.

"Cricket touches many lives and it's truly exciting to be a part of this sport and witnessing its potential to inspire and transform lives firsthand," Juan Agualimpia, MoneyGram's executive vice-president and chief marketing officer, said.

"The T20 format has brought in a lot of woman viewership and we hope that women's cricket too finds its way around the world. Sponsors are the lifeline for any sport and on behalf of the ICC," ICC chief executive David Richardson said.

Curiously, just a few days ago, the Lodha panel report had recommended to the BCCI to do away with advertisements aired at the end of overs and confine them to drinks, lunch and tea intervals.

"Commerce has also overtaken the enjoyment of the sport, with advertisements continuing many a time even after the first ball and again commencing even before the last ball of the over is played, thereby interrupting the full and proper broadcast of the game," the report said.

"It is recommended that all existing contracts for international Test & One-Day matches be revised and new ones ensure that only breaks taken by both teams for drinks, lunch and tea will permit the broadcast to be interrupted with advertisements, as is the practice internationally. Also, the entire space of the screen during the broadcast will be dedicated to the display of the game, save for a small sponsor logo or sign," the report added.

If accepted, the move could drastically alter the revenue models of sponsors.