IDFC FIRST Bank has bagged the title rights for home international series of the Board of Control for Cricket in India (BCCI) for a sum of Rs 4.2 crore per international game.
The contract will commence for a three-year-long period starting from the three-match ODI series that India will host against Australia. BCCI will garner Rs 256 crore from the title sponsorship that will cover 56 international games during the course of the agreement.
IDFC FIRST Bank and Sony Sports were the two bidders for the spot. The BCCI had set a base price of Rs 2.4 crore per match and IDFC FIRST Bank is paying a mark-up of Rs 40 lakh from the Rs 3.8 crore shelled out by previous title holders Mastercard.
Also Read:
The closed bidding process took place in a hotel in South Mumbai on August 25, Friday, as reported by Cricbuzz. Sony’s participation in the bidding certainly raised eyebrows as this was the first time that they participated in an exercise of this kind. Observers indicate that they could be one of the players to eye out for when the BCCI holds its media rights auction on August 31.
However, Sony Sports’ bid price for the title rights is reported to be ranging around the base price itself. Earlier this month, the BCCI invited the tenders for the broadcast of the international and domestic matches. The deadline for interested parties to purchase the Invitation to Tender documents closed down on August 25.
