Pranav Mathur, Pune
In the recently concluded round for title rights bid for bilateral cricket at home, the Board of Control for Cricket in India (BCCI) roped in IDFC First Bank as a sponsor for the next three years. IDFC First Bank acquired the rights for Rs. 369.6 crores, covering 56 matches. BCCI would earn around 6.6 crores per match, up to 2.7 times the base value. By the end of IDFC First Bank’s sponsorship run, BCCI expects to earn Rs. 235 crores.
In anticipation of a low market interest for the title rights, BCCI had decreased the base value to Rs. 2.4 crores per match, in comparison to the Rs. 3.8 crores per match, which were sublicensed by Paytm and paid by MasterCard in the previous stint (2019-2023). According to a report by InsideSport, this anticipation of low response was because of the inflated pricing and unfavorable market conditions. Big businesses are more invested in the Indian Premier League and find it more appealing than bilateral matches in India.
Regarding IPL, businesses see higher profits because of the staggering endorsements of the teams and players. The Indian Cricket Team has not been a part of marketing initiatives for their title sponsors, which was also one of the reasons for the anticipation of low market interest.
Eight final bids were submitted after 12 businesses were keen on bidding. Many didn’t meet the eligibility requirements once the bids were open. There were bids made above the base value, and one prominent competitor for IDFC Bank was Sony Network, but no bids came close to even matching the winning bid.
This contract comes into action in September, with Australia touring India in the bilateral series, which consists of three ODIs. This agreement lasts until August 2026.