The Board of Control for Cricket in India (BCCI) has secured a new title sponsor for its home international and domestic matches. IDFC First Bank outbid Sony Sports and will pay Rs 4.2 Crore per match for the BCCI Title Sponsor deal. The base price had been reduced to Rs 2.4 Crore, but only two companies participated in the bidding. Mastercard previously paid Rs 3.8 Cr per match after taking over from PayTM.
IDFC First Bank’s Three-Year Deal and Market Challenges
The closed bidding took place in Mumbai, and once the deal is finalized, IDFC First Bank will be the title sponsor for the India vs. Australia ODI series starting September 22.
The contract between BCCI and IDFC First Bank will last for three years, commencing on September 1. This includes 56 international matches in India, generating an estimated revenue of Rs 987.84 Cr over three years, according to a Cricbuzz report.
Sony Sports also bid for the BCCI Title Sponsorship but is still in the running for BCCI Media Rights.
The lack of response in the bidding process was attributed to the high price in a challenging market situation. Larger companies were more interested in the Indian Premier League (IPL) than in Indian Bilateral Rights. BCCI lowered the base price to Rs 2.4 Cr to attract bidders.
BCCI Title Sponsorship Dynamics – From PayTM to Mastercard and Business Challenges
Unlike media rights, the BCCI Title Sponsorship agreement spans only three seasons and covers a total of 56 matches, with a focus on T20Is.
PayTM had been the title sponsor since 2015, initially paying Rs 2.4 Cr per game and later renewing the deal in 2019 for Rs 3.8 Cr per game. However, in September, PayTM requested to end the deal with a year remaining, leading BCCI to bring in Mastercard for a year.
The limited response can be attributed, in part, to the restricted avenues for additional business opportunities. Companies often achieve higher returns in the IPL through endorsements involving teams and players. The Indian Cricket Team has not actively engaged in promotional campaigns for their jerseys or title sponsorships. However, despite this, the BCCI securing a more advantageous deal compared to the previous year is regarded as mutually beneficial.
