The Board of Control for Cricket in India (BCCI) has its new title sponsor for home international and domestic matches. IDFC First Bank has outbid Sony Sports to secure BCCI Title Sponsor deal paying Rs 4.2 Crore per match. BCCI had reduced the base price to Rs 2.4 Crore with just two companies entering the bidding process. Mastercard paid Rs 3.8 Cr per match after taking over rights from PayTM.
The closed bidding process took place today in Mumbai. Once the deal is complete, IDFC First Bank will be the title sponsor for India vs Australia ODI series starting September 22.
“We are pleased to welcome IDFC First as the title sponsor for all our home matches. Their commitment and vision resonate with cricket’s spirit, and we look forward to a successful collaboration that benefits the game and its dedicated fans,” BCCI President Roger Binny said in a media release.
The contract between BCCI and IDFC First Bank will be for three years starting on September 1. The agreement will include 56 international matches in India. As per a Cricbuzz report, the Indian board will generate Rs 987.84 Cr in revenue with the deal over the next three years.
Interestingly, Sony Sports put a bid for BCCI Title Sponsorship. Sony is still in the running for BCCI Media Rights.
“This partnership between IDFC FIRST Bank and the BCCI brings together two strong brands with a shared commitment to provide exemplary experiences to billions of fans. We are delighted to be the Title Sponsor for all international cricket matches played in India and all domestic tournaments, for the next 3 years. This partnership is an important milestone in IDFC FIRST Bank’s journey towards creating a world-class bank,” Madhivanan Balakrishnan, ED & COO, IDFC FIRST Bank said.
The lack of response was due to inflated price in a bad market situation. The big companies were more interested in IPL (Indian Premier League) than in Indian Bilateral Rights. But BCCI reduced the base price to Rs 2.4 Cr to woo bidders.
Unlike the media rights, the BCCI Title Sponsorship agreement runs only for three seasons. The new deal with cover a total of 56 matches, with T20Is more in focus.
PayTM came on board in 2015 and paid Rs 2.4 Cr per game. The deal was renewed in 2019 for Rs 3.8 Cr per game. But in September, PayTM requested to end the deal with a year left. BCCI roped in Mastercard for a year.
The reason for the lack of response is due to a lack of further business. An airline company can be Indian cricket’s official carrier or a hotel chain for lodging. Companies tend to get better returns in the IPL with teams and players also endorsing the brand. Indian Cricket Team in that regard has never been involved in promotional activities for their jersey or title sponsor.
“Why would anyone want to replace Mastercard in the current circumstances unless the BCCI is offering something more than just branding? Some engagement with men’s or women’s cricket every few days a year, engagements that can help drive business. Basically, something more than just branding,” Money Control quoted an Industry source.
However, with BCCI scoring a better deal than previous year, it is a win-win for both parties.
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