BCCI: Another shocking news that came out earlier today is that BCCI is struggling to find a sponsor for India Cricket Team. It looks like that not winning an ICC trophy is affecting the Indian team as a brand as well.
According to Economic Times, BCCI has reduced the base price of Indian Cricket Sponsor massively. BCCI planned to set the base price as close to 600 crores earlier. But due to various budget cuts in the ad market, they had to reduce it massively.
It is a huge hit to BCCI as they were planning to finalize a sponsor well before the Asia Cup or World Cup. India will most probably leave for the West Indies series without any sponsors, just like they did in World Test Championship Final.
BCCI Lowers The Price
According to reports, BCCI is setting a base price lower than BYJU’s was paying. BYJU’s was Indian Cricket Team’s last sponsor and had to pull out because of a reduction in branding investment. Usually, the board always sets the price more than the last sponsor.
The board has set the base price at 3 Crore for matches in India and 1 Crore for matches in ICC/ACC tournaments. This takes the deal up to 350 crores in total. Whereas BYJU’s used to pay 5.07 crore per match in India and 1.56 crore per match in ICC/ACC tournament.
In its last tenure, BYJU’s almost paid around 450 crores in total in sponsorship. It was a huge amount, and the board is struggling to amass the same amount once again.
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Realistic Base Price
According to Economic Times, The board has set a realistic base price. They also stated that the ad market is tough, and all the new-gen sponsors have drastically cut their budgets. The drastic budget cuts happened to fund their winters.
BCCI released the tender for front jersey sponsors back on June 14. The purchase is available till June 26 only. The board is desperate to attract new sponsors now that the Asia Cup and World Cup is closing down.
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