IDFC FIRST Bank Secures Title Rights for BCCI Home International Series
IDFC FIRST Bank, a private bank in India, has acquired the title rights for the home international series of the Board of Control for Cricket in India (BCCI). The bank secured these rights for Rs 4.2 crore per international game, surpassing the previous value of Rs 3.8 crore. The bidding process had a base price of Rs 2.4 crore, and IDFC FIRST Bank will enter into a three-year contract with the BCCI starting next month.
IDFC FIRST Bank outbid Sony Sports, a sports broadcaster venturing into title sponsorship for the first time. No other bidders participated, while a bid from an agency representing a corporate entity was rejected due to technical reasons.
The bank will take over from Mastercard, the previous title sponsor who obtained a sub-license from Paytm. Both Mastercard and Paytm were contributing Rs 3.8 crore per game.
Although the increase in value is a modest 12 percent, considering the prevailing market conditions, it is seen as a favorable arrangement for both the BCCI and the sponsors. Notably, there was limited participation from corporate entities in the bidding process.
It's worth mentioning that the BCCI responded to market conditions by reducing the base price from Rs 3.8 crore to Rs 2.4 crore. The second-best bid, submitted by Sony Sports, was believed to be around the base price.
The bidding process took place at a five-star hotel in South Mumbai on August 25. Sony's participation came as a surprise and could indicate their potential involvement in the upcoming BCCI media rights auction on August 31. Sony Corporation might be a key player to watch for in the online bidding.
