The Board of Control for Cricket in India (BCCI) has established a minimum price of INR 350 crore for the primary sponsorship rights of the Indian national cricket team. This follows the publication of the tender for national team lead sponsor rights by the Supreme Cricket Board on June 14. The tender is available for purchase until June 26.
It is believed that the BCCI set a base price that was lower than what BYJU, the previous main sponsor, had to pay. The Bengaluru-based company paid INR 5.07 crore per match for India domestic matches and INR 1.56 crore per match for ICC and ACC competitions.
According to a report by The Economic Times, the cricket board has considerably reduced the INR 350 crore base price for sponsorship rights. A sports business expert deemed BCCI’s decision prudent in light of the current advertising market.
“BCCI has established a reasonable base price for lead sponsor privileges.
The advertising market is tough, and the new-age sponsors who were spending large quantities of money on cricket have drastically reduced their marketing budgets due to the funding winter, an expert told Economic Times on the condition of anonymity.
Vinit Karnik, GroupM South Asia’s chief of sports, esports, and entertainment, stated that 2,000 to 2,500 crore worth of on-ground sponsorship inventory across the Indian Premier League (IPL) and bilateral matches will become available this year.
According to the GroupM India Sports Sponsorship Report 2023, the Indian sports industry’s advertising revenue increased by a staggering 49% to INR 14,209 crore in 2022, and is projected to reach INR 16,000 crore in 2023. The agency notes that the advertising revenue could reach INR 20,000 crore by the end of 2025.
The BCCI has prohibited betting, cryptocurrency, tobacco, and real-money gaming companies from bidding on the main sponsorship rights. When the agreement is reached prior to the October-November ODI World Cup in India, an official statement is expected to be issued.
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