Apollo Tyres has bagged the sponsorship rights of the Indian team, winning a three-way race with a stunning bid of INR 579 crore. The sponsorship deal spans two-and-a-half years and covers 121 bilateral games and 21 ICC matches. This marks Apollo Tyres' first-ever foray into India cricket.
The Gurgaon-based tyre company, with a presence in over 100 countries, staved off challenges from Canva and JK Cements, who had placed bids of INR 544 crore and INR 477 crore respectively. The Board of Control for Cricket in India (BCCI) did not specify the value but said there was a substantial increase. "The new partnership, secured after a rigorous bidding process, represents a substantial increase in sponsorship value, signifying the immense and growing commercial appeal of Indian cricket," the BCCI said in a statement.
The deal works out to close to INR 4.77 crore per game, although there could be slight variations given the value difference between bilateral and ICC matches. As reported by Cricbuzz, the base price set by the Board of Control for Cricket in India (BCCI) was INR 3.5 crore for bilateral games INR 1.5 crore for the World Cup matches.
The BCCI had to float tenders for a new sponsor after Dream11 deal was annulled by a government order banning all real money gaming companies. With the government order coming close to the Asia Cup, the BCCI had to go to the ongoing continental championship in UAE without a jersey sponsor for the Indian team.
The first international mileage for the new sponsors will be in the two-Test home series against the West Indies starting on October 2, followed by an away white-ball series in Australia. Before that, however, the new sponsor's logo will be on display during the three-match 50-over series between India A and Australia.
The BCCI is understood to have informed the selectors to pick the India A one-day squad early so that the jerseys can be readied for the games in Kanpur on September 30, October 2, and 5. India A squads for the three games were announced on September 14.
Apart from the companies that participated in the bidding process at the BCCI headquarters in Mumbai on Tuesday, UP-based Shank Air and Dubai-based Omniyat had also shown interest by purchasing the ITT document. They did not turn up for the bidding, though.
It is learnt that Mumbai-based WPP Media oversaw Apollo's valuation and successful bid. Prior to the bidding, the industry was skeptical about response to the BCCI tender. It was said that there would not be too many takers for the sponsorship, particularly after the government order banning real-money gaming companies - the biggest financiers of the games across boards and tournaments in India. However, the BCCI has found a partner willing to shell out INR 200 crore more than Dream11, which had a INR 358 crore deal with the board.
"The arrival of Apollo Tyres as our new sponsor is a testament to the hard work and consistent performance of our teams. We are excited about this being Apollo's first major sponsorship in India cricket, which speaks volumes about the sport's unparalleled reach and influence. This is more than a commercial agreement; it's a partnership between two institutions that have earned the trust and respect of millions," Devajit Saikia, BCCI secretary, said.