IDFC First Bank Acquires Title Rights for India’s Home International Cricket Matches in a Three-Year Deal
IDFC First Bank is set to take over from Mastercard as the title sponsor for home international games from next month . As per the contract, IDFC will be paying INR 4.2 crore per match to the Indian Cricket Board.
The Board of Control for Cricket in India (BCCI) is all set to welcome its new title sponsor for home international games as IDFC First Bank has secured the rights for the India matches in a closed bidding process. The event took place at a five-star hotel in South Mumbai on Friday, August 25. Team India Cricketers Asked by BCCI to Not Post ‘Confidential’ Information After Virat Kohli Shares Yo-Yo Test Result on Instagram Story: Report
IDFC First Bank, India's inaugural private sector bank, left no stone unturned to grab the agreement and eventually, outbid Sony Sports to secure the BCCI Title Sponsor deal. The contract between IDFC and BCCI will be for a three-year period starting next month. Hence, the title sponsor of the upcoming three-match ODI series between India and Australia will be under the banner of IDFC Bank.
As per the contract, IDFC First Bank will be paying INR 4.2 crore per match to the Indian Cricket Board. The lucrative deal, which will end on August 2026 will cover a total of 56 international games. It will help BCCI increase their revenue from the title sponsorship by 12 percent and thereby, generate a staggering sum of about INR 235 crore during the three-year period. Indian Cricket Team Schedule After Asia Cup 2023: Upcoming Team India Matches
PayTM were handed the title sponsorship deal for the home international matches back in 2015. They paid INR 2.4 crore per match to the Indian Cricket Board. The deal was renewed in 2019 for INR 3.8 Cr per game. However, in September last year, PayTM requested to terminate the contract and thus, BCCI presented the deal to Mastercard for the remainder of the period.
(The above story first appeared on LatestLY on Aug 25, 2023 04:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).