BCCI set a base price of INR 350 crores for the lead sponsorship rights of the National Cricket Team. This development comes after the BCCI released the tender for National Team lead Sponsor Rights on June 14 which could be purchased until June 26. It is understandable that the BCCI set a lower base price than the amount paid by the ed-tech company BYJU, the previous lead sponsor. The Bengaluru-based firm was paying INR 5.07 crores per match for the domestic fixtures which featured India and INR 1.56 crores per match for ICC and ACC tournaments.
As per a report by the Economic Times, the BCCI has reduced the base price for lead sponsorship rights to INR 350 crores. A business expert called BCCI’s decision as legit considering the current market trends for advertisements.
“BCCI has set a realistic base price for the lead sponsor rights. The ad market is tough, and the new-age sponsors who were spending large sums of money on cricket have cut their marketing budgets drastically due to the funding winter,” the expert said on the condition of anonymity, as quoted by Economic Times.
Estimated 2,000-2,500 crore on-ground sponsorship rights will be available in 2023
The report further claims that an estimated INR 2,000-2,500 crore worth of on-ground sponsorship inventory across the IPL & bilateral matches will be available in 2023 as stated by Vinit Karnik, GroupM South Asia head of sports, esports, and entertainment. Group M India Sports Sponsorship Report 2023 stated that the advertising revenue of the Indian Sports Industry saw a massive rise of 49% to INR 14,209 crore in 2022, and is expected to reach INR 16,000 crore in 2023. The agency further revealed that the Ad revenue could potentially attain INR 20,000 crore at the close of 2025.
Coming to lead sponsorship rights, the BCCI has prohibited betting, crypto-currency, tobacco, and real-money gaming companies from bidding. An official statement regarding the lead Sponsorship rights will be released once the deal is cracked ahead of the ODI World Cup in India in October-November.