The Hindu Business Line : IPL title sponsor bids likely to top Rs 150 cr

Chennai, Feb. 5 Following the spectacular success of the sale of media rights of the Indian Premier League (IPL) to Sony Entertainment for $1.026 billion and the subsequent bidding for the team franchise for eight cities, which raked in several crore rupees for the BCCI, the T20 cricket carnival will see on February 7 the bids being opened for the title sponsorship for the forthcoming tournament.

According to sources in the know, the closed bids are likely to top even Rs 150 crore for five years, far above the reserve price of $6 million (approximately Rs 24 crore). This is well in line with the high bidding seen for the media rights and the team franchises.

According to an official close to the bidding process, a bidder has confirmed putting in a bid for Rs 150 crore for the title sponsorship but with the expectation that it could well be outstripped.

Sources say that several big brands are in the fray for the title sponsorship, including those in the telecom business. Following the title sponsorship bids will be the player auction, which will allow each franchisee to bid for the international players contracted by IPL. In the race for the top players are the eight franchisees, among them Reliance, UB group, India Cements and film actor Shah Rukh Khan. The other sponsorship deals will also get underway alongside, say sources.

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