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BCCI Sets Mind-Boggling Base Price For Lead Sponsorship of INR 350 Cr.

image-lj5q0gssVirat Kohli in Test cricket (AP Photo)

Reports in the media suggest that the Board of Control for Cricket in India (BCCI) has set a base price of Rs. 350 crores for the lead sponsorship rights of the national cricket team. As per the reports, this figure is less than the amount paid by ed-tech company BYJU’s, the previous lead sponsor of the team. These reports have emerged after the board released the tender for national team lead sponsor rights on Wednesday, June 14, which is available for purchase until June 26.

As per a report in The Economic Times, this figure is significantly less than the amount that BYJU’s had been paying, which was Rs. 5.07 crore per match for domestic fixtures featuring the Indian team and Rs. 1.56 crore per match for ICC and ACC tournaments. 

It went on to say that an estimated Rs. 2,000-2,500 crore worth of on-ground sponsorship inventory during the Indian Premier League (IPL) and bilateral matches will become available this year.

Experts have said that keeping in mind the current market for advertisements, this was the correct decision. The base price for the lead sponsor rights was described as ‘realistic’ as the new-age sponsors who were previously spending large sums of money on cricket had cut their marketing budgets drastically due to the funding winter.

The GroupM India Sports Sponsorship Report 2023 revealed a huge surge in the advertising revenue of the Indian sports industry in 2022. As per the report, there was a 49% rise to Rs. 14,209 crore in 2022, a figure that is expected to touch Rs. 16,000 crore in 2023 and potentially hit the Rs. 20,000 crore mark by the end of 2025.

As for the lead sponsorship rights for the Indian cricket team, the BCCI has barred certain companies from taking part in the bidding process. These include betting, crypto-currency, tobacco, and real-money gaming firms. An official statement on the sponsorship rights is expected to be released once the deal is struck ahead of the 50-over World Cup, which is to be played in India in October-November of this year.