Report | IDFC FIRST Bank acquire title rights for India’s home fixtures

08/25/2023

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The Board of Control for Cricket in India (BCCI) have managed to ink a contract with IDFC FIRST Bank for India’s home international series at a price of INR 4.2 Crore per game. The base price for the bidding was set at INR 2.4 Crores but the rights were sold at a much higher value eventually.

As BCCI’s deal with Mastercard as title sponsors ended in March, they were looking for new bidders for India’s international home fixtures. According to a report published by Cricbuzz, the search has finally come to an end with IDFC FIRST Banks signing a contract with the Indian cricket board for title sponsorship. The report further mentions that IDFC secured the title sponsorship despite facing competition from Sony Sports. Notably, there were no other competitors in the bidding process. Additionally, it has come to light that a bid submitted by an agency representing a corporate entity was declined due to technical issues.

The private bank, formally known as the Infrastructure Development Finance Company (IDFC), is scheduled to ink a three-year deal with the BCCI, which will commence next month with three ODIs against Australia. This contract will run until August 2026 and encompass 56 international matches. In total, the BCCI anticipates earning of close to Rs 235 crore from this title sponsorship arrangement.

Despite a relatively modest increase of approximately 12 percent, the prevailing market conditions suggest that this deal is considered favorable for both the BCCI and the sponsors. This assessment is particularly noteworthy given the limited involvement of corporate entities in the bidding process. It's important to note that the BCCI had adjusted to market conditions by lowering the base price from Rs 3.8 crore to Rs 2.4 crore. Additionally, it's worth highlighting that Sony Sports, with the second-highest bid, was reportedly near the base price.

As reported by Cricbuzz, the closed bidding process occurred on Friday, August 25th, at a luxury five-star hotel located in South Mumbai.