IDFC FIRST Bank, an Indian private sector bank established in 2015, has clinched the title rights for India’s home matches for the next three years, succeeding Mastercard. The closed-door bidding process occurred on August 25 at a luxury hotel in South Mumbai, where IDFC FIRST Bank outbid Sony Sports.
The noteworthy aspect is that Sony Sports, a prominent name in broadcasting, participated in the title sponsorship bidding for the first time. Initially set at 3.8 crore INR by the Board of Control for Cricket in India (BCCI), the base price was later reduced to 2.4 crore INR considering market conditions.
IDFC FIRST Bank secured the rights with a winning bid of 4.2 crore INR per international game, covering 56 international matches over the three-year span. This surpasses the previous value of 3.8 crore INR per international game. Apart from IDFC FIRST Bank and Sony Sports, no other parties entered the competitive bidding process.
JUST IN: IDFC First Bank has acquired title rights for the home international series of BCCI, reports @vijaymirror.
The rights were acquired for Rs 4.2 crore per international game, reflecting an increase of over 40 lakhs compared to the previous value of Rs 3.8 crore. pic.twitter.com/ewq3coCdx2
— Cricbuzz (@cricbuzz) August 25, 2023
The new agreement between the private bank and BCCI will commence with the three-match ODI series between India and Australia, following the Asia Cup and preceding the 50-over World Cup. BCCI anticipates generating approximately 235 crore INR from this sponsorship, with the contract extending until August 2026. Notably, corporate entities’ representatives were excluded from participating in the bidding process due to technical reasons.
Since the expiry of the deal with Disney-Star, BCCI has been without a media partner. The organization is poised to separate TV and digital rights, following the successful sale of IPL Media Rights separately.
The eagerly awaited auction is scheduled for August 31. The contract with Disney-Star concluded after the three-match ODI series against Australia in March 2023. In September, Pat Cummins’ team is set to play another three-match ODI series in India, both sides aiming to fine-tune their preparations ahead of the World Cup, which will be held exclusively in India for the first time.