IDFC First Bank, India’s first private sector bank, has obtained the title rights to the Board of Control for Cricket in India’s (BCCI) home international series. It has paid Rs 4.2 crore for each international game, an increase of more than 40 lakhs over the previous value of Rs 3.8 crore. The starting point for bidding was Rs 2.4 crore.
The private bank, known as the Infrastructure Development Finance Company (IDFC), will join into a three-year partnership with the BCCI beginning next month, beginning with three One-Day Internationals (ODIs) against Australia. The arrangement will last until August 2026 and will cover 56 international games. The BCCI expects to earn around Rs 235 crore from this championship sponsorship.
IDFC outbid Sony Sports, a sports broadcaster that was entering the title sponsorship market for the first time. There were no other bidders. According to Cricbuzz, a bid by an agency representing a business entity was rejected for technical grounds.
IDFC will succeed Mastercard, the former title sponsor who went on to purchase the sub-license from Paytm. Both organizations contributed Rs 3.8 crore each game.
Despite the fact that the rise in value is modest, roughly 12%, given the current market conditions, there is a feeling that this is a good agreement for both the BCCI and the sponsors. This is especially noteworthy given corporate entities’ minimal engagement in the bidding process. It’s worth noting that, in response to market conditions, the BCCI reduced the base price from Rs 3.8 crore to Rs 2.4 crore. More importantly, Sony Sports’ second best bid was expected to be around the basic price.
On Friday (August 25), a closed bidding process was held at a five-star hotel in South Mumbai.
