IDFC (Infrastructure Development Finance Company) First Bank, India’s inaugural private sector bank, has reportedly secured the title rights for the home international series of the Board of Control for Cricket in India (BCCI). The bidding process, a closed one at that, took place at a five-star hotel in South Mumbai on Friday (August 25).
The IDFC First Bank takes over from Mastercard and has a three-year contract with the BCCI to be the title sponsor of all international matches India will play at home. The arrangement is valid till August 2026 and includes 56 international fixtures.
Their partnership will kick off from the upcoming Australia tour of India for the three ODIs before the World Cup 2023.
As per Cricbuzz reports, IDFC has reportedly bought the rights for INR 4.2 crore per international fixture, which is a 40-lakh hike from the previous price of INR 3.8 crore. The base price for securing the rights set by the BCCI was INR 2.4 crore.
IDFC Bank Outbids Sony Sports For Title Sponsorship
IDFC outbid competition from Sony Sports, the sports broadcaster, which was venturing into title sponsorship realm for the first time. There were no other bidders. Cricbuzz has learned that a bid by an agency representing a corporate entity was rejected due to technical reasons.
The agreement will extend until August 2026 and cover a total of 56 international games. In total, the BCCI is set to generate nearly INR 1000 crore from this title sponsorship, specifically Rs 987.84 crore.
Given the current market conditions, despite the minor gain in value—around 12 percent—there is a feeling that this is a win-win situation for the BCCI and the sponsors.
Given the minimal involvement of business organizations in the bidding process, this is extremely noteworthy. It’s important to note that the BCCI lowered the base price from Rs 3.8 crore to Rs 2.4 crore in response to market conditions.
More importantly, it was thought that Sony Sports’ second-best offer would be close to the starting price.
