Indian Premier League will soon have a new title sponsorship for the next five editions of the IPL. Bharti Airtel, Vodafone, Idea, Coca Cola and a public sector firm are expected to be the strongest bidders. The BCCI has increased the base price to Rs. 60 crores per year totaling Rs. 300 crores for five years.
WHEN THE IPL
first came into being, it was DLF
, the commercial real estate developer, which won the title sponsorship deal for Rs. 40 crores a year for the first five years totaling upto Rs. 200 crores. But, the BCCI is on the lookout for another title sponsorship, and this time they have increased the base price to Rs. 300 crores for the next five years meaning Rs. 60 crores per year. The BCCI expects the bids to double compared to what DLF paid.
With the success of the IPL, big companies would be eying for that elusive sponsorship deal, as the tournament has a global appeal as well, which would be tempting for many corporates. Companies such as Bharti Airtel, Vodafone, Idea, Coca Cola and a public sector firm is expected to bid for the rights, reported The Economic Times. The bidding closes on November 21, and those companies interested in being associated with IPL as a title sponsor, need to pay Rs. 2 lakhs just for getting the tender documents, reported network1media.
It's being reported that DLF, whose name was synonymous with the IPL, decided not to renew its deal, so we are for sure to get a new name alongside IPL. When DLF signed for Rs. 200 crores, there were some eyebrows raised, and when the IPL sponsorship rights increased to a minimum of Rs. 60 crores a year, the BCCI are now banking on big companies to make it happen owing to the success of the Indian Premier League. But, in times of economic crisis, is it right for the BCCI to increase their base price? Only time will tell.
The sixth edition of the IPL is scheduled to start from April 6 and end on May 26, next year. Which big corporate company would partner IPL as their official title sponsor for the next five years? The winner of the bid would also be entitled to a number of branding and marketing benefits during IPL matches.