IDFC First Bank Secures Title Sponsorship for BCCI Matches
In a significant development, the Board of Control for Cricket in India (BCCI) has sealed a deal with IDFC First Bank to become the title sponsor for all BCCI domestic and international matches. This sponsorship agreement marks a new chapter in the world of cricket, with IDFC First Bank stepping in as a prominent partner. Let's delve into the details of this exciting partnership.
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| IDFC First Bank bags title sponsorship rights for all BCCI domestic and international matches |
The Deal in Numbers
IDFC First Bank has committed to paying an impressive sum of Rs 4.2 crore for each match, underlining their commitment to supporting cricket in India. This partnership will encompass various categories of matches, including international matches for both men and women, as well as domestic cricket tournaments like the Irani Trophy, Duleep Trophy, and Ranji Trophy. Additionally, it extends to junior cricket, covering Under-19 and Under-23 categories organized by the BCCI.
The Duration of the Partnership
The contract between the BCCI and IDFC First Bank is set for a duration of three years, starting from September 1st. Cricket enthusiasts can eagerly anticipate the collaboration to kick off with the upcoming three-match ODI series against Australia.
The Competitive Bidding Process
IDFC First Bank faced competition from Sony Sports in securing the coveted title sponsorship rights. However, with only two contenders vying for the position, the BCCI decided to reduce the base price to Rs 2.4 crore, making it a closely watched bidding process. It's worth noting that Mastercard had previously held the rights and had paid Rs 3.8 crore per match.
A Recap of Sponsorship History
The journey of title sponsorships in Indian cricket has witnessed several changes. PayTM held the title sponsorship deal with BCCI in 2015, initially paying Rs 2.4 crore per match. Subsequently, the deal was renewed in 2019 at a higher rate of Rs 3.8 crore per match. However, PayTM terminated the contract with a year remaining in September. Following this development, BCCI joined hands with Mastercard for a year before securing the deal with IDFC First Bank.
About IDFC First Bank
IDFC First Bank, established on December 18, 2018, resulted from the merger of the erstwhile IDFC Bank and erstwhile Capital First. IDFC Limited, founded in 1997, originally focused on infrastructure financing. This merger brought together two significant entities, forming a formidable financial institution.
In conclusion, the partnership between BCCI and IDFC First Bank promises to inject new energy and resources into Indian cricket. With a focus on both international and domestic matches, this collaboration is set to benefit the sport and its enthusiasts across the nation. Cricket fans can look forward to exciting times ahead, both on and off the field.
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FAQs
1. What is the duration of the partnership between BCCI and IDFC First Bank?
- The partnership is set for three years, starting from September 1st.
2. Who were the primary contenders for the BCCI title sponsorship besides IDFC First Bank?
- Sony Sports was the other contender in the bidding process.
3. What was the base price for the title sponsorship deal?
- The base price was reduced to Rs 2.4 crore due to limited participation in the bidding process.
4. Who held the title sponsorship rights before IDFC First Bank?
- Mastercard previously held the title sponsorship rights, paying Rs 3.8 crore per match.
5. When did IDFC First Bank come into existence, and what is its background?
- IDFC First Bank was formed on December 18, 2018, through the merger of IDFC Bank and Capital First. IDFC Limited, established in 1997, was originally focused on infrastructure financing.
