BCCI sets Rs 1750 crore base price for IPL 2024-2028 title sponsorship: Report
On December 12, the Governing Council of IPL invited bids for acquiring the title sponsor rights for the best five years.
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Board of Control for Cricket in India (BCCI) has set a base price of Rs 1750 crore per Year for Indian Premier League (IPL) title sponsorship rights spanning 74 matches over five years.
As per reports, BCCI has also suggested bids for 84 and 94 matches at base prices of Rs375 crore and Rs400 crore, respectively. Despite this, the final determination will be based on the collective value of the 74 matches.
On December 12, the Governing Council of IPL invited bids for acquiring the title sponsor rights for seasons 2024-2028.
“Any interested party wishing to submit a bid is required to purchase the ITT. However, only those satisfying the eligibility criteria set out in the ITT and subject to the other terms and conditions set out therein, shall be eligible to bid. It is clarified that merely purchasing the ITT does not entitle any person to bid,” said the tender invitation note.
Annexure B of the bid invite highlighted prohibited brand categories that cannot bid. These included, alcohol products, betting, cryptocurrency, real money gaming (not including fantasy sports gaming),tobacco and one which is likely to offend public morals such as, including but not limited to, pornography.
The invitation also highlighted that the highest bid submitted by the parties shall be subject to Tata Sons Private Limited exercising its ‘Right to Match’ such bid (“RTM”).
As per the previous title sponsor agreement between BCCI and Tata Sons Private Limited (“Tata”), BCCI is required to notify Tata of the highest bid amount (highest bid) received for the Title Sponsorship Rights pursuant to the ITT process. Consequently, Tata will have the right (but not an obligation) to match the highest bid within five working days of the date of opening of the financial bids and notify its intent to the BCCI. In the event, Tata exercises its right to match the highest bid, then BCCI will be obligated to grant the title sponsorship rights for the rights period to Tata.
BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason.
