What’s in News?
On 25th August, the Indian Cricket Board announced that the IDFC First Bank has grabbed the title rights for home international series of the Board of Control for Cricket in India (BCCI) for three years. The IDFC First Bank will provide a sum of Rs.4.2 crore per international match.
A Thriving Partnership
The agreement between IDFC First Bank and BCCI covers a total of 56 matches, spanning across the next three years. This exciting lineup includes 15 One Day Internationals (ODIs), 15 test matches and 26 T20 matches.
IDFC First Bank’s sponsorship is not limited to just the matches that take center stage on the international platform. The agreement also encompasses various domestic cricket events organized the BCCI such as the prestigious Irani Trophy, Duleep Trophy and Ranji Trophy tournaments. Additionally, junior cricket matches including those in the Under 19 and Under 23 categories, held in India, fall under the purview of this partnership.
Biding for the Sponsorship of BCCI
The base price set for the sponsorship rights was Rs.2.4 crore per match, signalling the significant interest and value attached to cricket sponsorship. IDFC First Bank’s substantial bid of Rs.4.2 crore per match demonstrated their strong commitment and eagerness to associate with one of the most followed sports in the country. SonyLIV, the other bidder in the competition, offered Rs.2.7 crore per match but couldn’t outshine IDFC First Bank’s enthusiasm.
Beginning of the Contract between IDFC First Bank and BCCI
The BCCI stated that the contract will commence for a three-year long period starting from the three-match ODI series that India will host against Australia. The tournament will mark the beginning of an era where IDFC First Bank and BCCI came together to create unparalleled experiences for cricket enthusiasts.