The Board of Control for Cricket in India (BCCI) has made a significant revision to the base price for title sponsor rights concerning international cricket matches played within the country. The base price has been reduced to Rs 2.4 crore per match, down from the previous rate of Rs 3.8 crore per match, which was paid by MasterCard and Paytm in the preceding cycle, reports Economic Times.
This decision comes in the wake of subdued interest in high-priced cricket properties, compounded by the exit of new-age brands aiming to conserve their financial resources. The BCCI’s strategy now centers on inviting a larger pool of brands to participate in the bidding process, with the possibility of introducing a new sponsor category.
The cumulative base price for the three-year tenure of title sponsor rights amounts to Rs 134.4 crore. These rights are set to commence in September of this year and will extend until August 2026. Encompassing a total of 56 matches, this agreement includes 15 Tests, 15 ODIs, and 26 T20 internationals.
In a proactive move, the Board of Control for Cricket in India has issued an invitation for bids from established entities interested in acquiring title sponsor rights for its events. Detailed terms and conditions for the tender process, encompassing eligibility criteria, submission procedures, rights, and obligations, are available in the ‘Invitation to Tender’ (ITT). The cricket board has specified that the ITT can be obtained upon payment of a non-refundable fee of Rs 1,00,000, along with any applicable Goods and Services Tax.
Prospective bidders will have access to the ITT until August 21, 2023.
Notably, in September 2022, MasterCard replaced PayTM as the title sponsor for all international cricket matches, spanning both women’s and men’s categories, as well as domestic cricket fixtures like the Irani Trophy, Duleep Trophy, and Ranji Trophy, alongside junior cricket matches (Under 19 and Under 23) held in India. This arrangement is set to conclude in September. The bidding process is expected to be concluded by September 15, just before the IND vs AUS ODI series begins on September 22.
It’s pertinent to mention that BCCI has implemented a ban on entities associated with athleisure and sportswear manufacturing, alcohol products, cryptocurrencies, betting, gambling, real money gaming (excluding fantasy gaming), or tobacco companies from participating in the lead sponsorship bidding process.
Also read: BCCI invites bids for title sponsor rights for its events