Irish cricket has been handed a seven-figure cash injection after announcing a 10-year sponsorship deal with a group of companies owned by Ireland's richest man, Indian-born, Pallonji Mistry.

The deal, believed to be in the region of €2.5 million, will see the country's cricket academy being renamed the Shapoorji Pallonji Cricket Ireland Academy.

€500,000 of that figure is up front and a further €200,000 per year covers the next 10 years. 

Mistry was last year named as the world's 103rd richest man.

Cricket Ireland CEO Warren Deutrom welcomed the deal saying: "The development of our next generation of international cricketers in the national academy is one of our most important tasks, and requires significant investment, understanding and an ability to take the long view."

The academy will not have a fixed location but will be at various centers throughout the island. The funding will enable Cricket Ireland to employ specialist coaches for various aspects of the game when required.