IDFC FIRST Bank bags title rights for India’s home matches
IDFC FIRST, an Indian private sector bank founded in October 2015, has secured the title rights for India’s home matches for the next three years, taking over from Mastercard, in a closed-door bidding process that was held on August 25 at a five star hotel in South Mumbai.
IDFC FIRST Bank managed to beat Sony Sports in the bidding process. It is interesting to note that Sony Sports, who are renowned in the field of broadcasting, entered into the bidding process for title sponsorship for the first time.
The base price was initially fixed at 3.8 crore by the Board of Control for Cricket in India (BCCI), but after rethinking the market conditions, they brought it down to 2.4 crore. IDFC FIRST Bank acquired the rights with a winning bid of INR 4.2 crore per international game. A total of 56 international matches will be held during the three-year period. The previous value per international game was Rs 3.8 crore.
Except for IDFC FIRST Bank and Sony Sports, there were no other parties bidding for the coveted rights. The new deal locked between the private bank and BCCI will come into action with the three-match ODI series between India and Australia after the Asia Cup and prior to the 50-over World Cup.
The BCCI is set to generate nearly INR 235 crore from the sponsorship. The agreement will extend until August 2026. As per Cricbuzz, no agency representing a corporate entity was allowed to take part in the bidding process due to technical reasons.
BCCI media rights auction to be held on August 31
BCCI has been without a media partner ever since the deal with Disney-Star expired. India’s cricket governing body is set to separate TV and digital rights after receiving a fabulous response selling IPL Media Rights separately.
The much-awaited auction is set to take place on Thursday, August 31. The contract with Disney-Star ended after the three-match ODI series against Australia in March 2023. Pat Cummins’ men are coming to India to play another three-match ODI series in September. Both teams will be looking to get in some last-minute preparation ahead of the World Cup which will be held exclusively in India for the first time.
