In a definitive conclusion to the race for the title rights of the Board of Control for Cricket in India (BCCI), the Infrastructure Development Finance Company (IDFC First Bank) has emerged as the victor, securing these rights for the home international cricket series.
As detailed in a report on Cricbuzz, the agreement between IDFC First Bank and the BCCI extends until August 2026, encompassing a total of 56 international matches. Under this agreement, the BCCI stands to generate approximately Rs 235 crore from the new title sponsorship, with IDFC First Bank committing to pay Rs 4.2 crore per international game.
The contractual engagement is set to kick off with the eagerly awaited three-match One Day International (ODI) series against Australia, a prelude to the ODI World Cup.
The competitive landscape saw Sony Sports as a contender alongside IDFC Bank, while a proposal from a corporate entity, represented by an agency, faced rejection due to technical grounds.
IDFC First Bank will succeed Mastercard in assuming the mantle of title sponsor rights. The previous agreement with Mastercard was valued at Rs 3.8 crore per game. It’s worth noting that in the preceding September, BCCI had revealed Mastercard’s acquisition of title sponsorship rights for both international and domestic matches under its aegis.
Taking steps to secure the future of cricket broadcasting, BCCI issued a call for bids from reputable organizations interested in acquiring media rights for both international and domestic matches. On August 2, the cricket board unveiled comprehensive details regarding the tender process, outlining the non-refundable fee and the Invitation to Tender (ITT) documents.
“The comprehensive stipulations governing the tender process, encompassing qualification criteria, bid submission procedures, responsibilities, and more, are encapsulated within the ‘Invitation to Tender’ (‘ITT’) document. This document will be accessible upon payment of a non-refundable fee amounting to INR 15,00,000 (Indian Rupees Fifteen Lakh Only), plus applicable Goods and Services Tax. The process for acquiring ITT documents is outlined in Annexure A of this official notice. Availability of the ITT for purchase will remain until August 25, 2023,” as highlighted in an official statement from BCCI.
As the process advances, BCCI retains the prerogative to modify or discontinue the bidding process at any stage, in any manner, without being obliged to furnish reasons for its decision.
Significantly, fantasy gaming platform Dream11 had secured BCCI’s lead sponsor rights earlier, reportedly clinching the deal for Rs 358 crore in June of the same year.