IDFC FIRST Bank wins BCCI title rights for home cricket series with a bid of INR 4.2 crore per game, surpassing Sony Sports. Three-year contract covers 56 matches, signaling a significant deal shift.
IDFC FIRST Bank, a private sector bank in India, has won the rights to be the title sponsor for the Board of Control for Cricket in India (BCCI) home international cricket series. The bank secured these rights by bidding Rs 4.2 crore for each international game, which is an increase of over 40 lakhs compared to the previous value of Rs 3.8 crore. The bidding process began with a base price of Rs 2.4 crore.
The agreement between IDFC FIRST Bank and BCCI will span a three-year period, starting from next month. The contract will kick off with a three-match One Day International (ODI) series against Australia and will continue until August 2026. This deal covers a total of 56 international games, including ODIs and other formats. The BCCI is expected to earn around Rs 235 crore from this title sponsorship.
IDFC FIRST Bank managed to outbid Sony Sports, a sports broadcaster, to secure this sponsorship. Sony Sports, new to title sponsorship, was the main competitor, as there were no other bidders in the process. Another bid from a corporate entity’s representative was rejected for technical reasons.
This new deal will see IDFC FIRST Bank replace Mastercard, the previous title sponsor, who had acquired the sub-license from Paytm. Both Mastercard and Paytm were contributing Rs 3.8 crore per game.
Even though the value increase is relatively modest at 12 percent, it is seen as a positive arrangement considering the current market conditions. This deal is significant, particularly because few corporate entities took part in the bidding process.
It’s noteworthy that BCCI responded to the market conditions by lowering the base price from Rs 3.8 crore to Rs 2.4 crore. Interestingly, Sony Sports’ bid was reportedly around the base price.
The bidding process, which was conducted behind closed doors, occurred at a five-star hotel in South Mumbai on August 25.
Sony Sports’ participation came as a surprise, and it could indicate future developments. With the BCCI media rights auction just a week away (scheduled for August 31), Sony Corporation might be a key player to watch out for in the online bidding process.