Pepsi lone bidder for IPL title rights
After a high-voltage bidding for the Indian Premier League’s (IPL’s) team rights, the race for the title sponsorship rights has proved to be an anti-climax.
Pepsi is the only company that has paid the guarantee deposit to participate in the bid for the Board of Control for Cricket in India’s (BCCI) Twenty20 tournament tomorrow, according to sources close to the development.
Sources in BCCI said that the guarantee amount for Pepsi was paid through the sports management company, 21st Century Media.
Lokesh Sharma, the promoter of 21st Century Media, confirmed that his company was participating in the bidding process. However, he refused to comment on which company he was representing. A Pepsico India spokesperson declined to comment.
The process of bidding for the IPL title sponsorship required interested companies to deposit a performance guarantee money of Rs 10 crore on February 12. Initially, BCCI had said that companies needed to pay the guarantee on Monday.
However, the board later extended the deadline to Tuesday evening.
The bidding for the title sponsorship will take place on February 13 and the base price for the bid is Rs 23.6 crore for one year. The title sponsor will hold the rights for the first five years. This apart, the sponsor will have the first right of refusal for the next five years (6th to 10th season).
The title sponsor has the right to advertise in all IPL match scorecards and programmes and can advertise across a maximum of 12 boards during all 59 matches. It will also get the sponsorship of the Man of the Match award.
The title rights also include mileage on promotional material such as television graphics and on-field branding on the stumps, floodlight pylons, sightscreens, team dugouts and boundary ropes.
BCCI will also issue tickets to the title sponsor and permit branding and promotional activities on tickets.