The Board of Control for Cricket in India (BCCI) is reportedly set to fix a base price of ₹350 crore for the coveted national lead sponsor rights.
What Happened? For bilateral matches featuring India, the base price has been set at ₹3 crore per match for International Cricket Council (ICC) tournaments, while it stands at ₹1 crore per match for and Asian Cricket Council (ACC) tournaments, the Economic Times reported, citing sources.
The tender for the national team lead sponsor rights was released by the BCCI on June 14 and will remain available for purchase until June 26.
The new base price represents a decrease from the previous sponsorship deal with edtech major Byju’s, which had been paying ₹5.07 crore per match for domestic fixtures and ₹1.56 crore per match for ICC and ACC tournaments.
The BCCI has decided not to allow betting, crypto-currency, tobacco, and real-money gaming companies to bid for the lead sponsor rights.
A sports business expert told the business daily that the BCCI has made a shrewd move by setting a more reasonable base price than what Byju’s had been paying as many firms cut their marketing budgets amid the funding winter.
The expert noted that lead sponsor rights hold immense potential for brands to establish long-term value and recognition, citing Byju’s successful brand association with Team India.
Read Next: How To Silence Unknown Callers On WhatsApp
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.