IMG, the wholly-owned Indian subsidiary of the $1.3 billion sports marketing company IMG Worldwide, is selling sponsorship rights of the Indian cricket team for a whopping Rs 35.48 crore a year.
This is much higher than the Rs 19 crore being paid by cigarette major, ITC Ltd, to the Board of Control for Cricket in India (BCCI) for sponsoring the team till recently.
Today, any company or brand interested in sponsoring the Indian cricket team, will need to shell out at least Rs 106.44 crore for a three-year contract with IMG.
The marketing company is understood to have acquired the rights for the Indian cricket team sponsorship from BCCI for approximately Rs 27 crore.
Ravi Krishnan, joint managing director at IMG said it is already speaking to several companies in different product categories for sponsorship rights.