Reports suggest that Pepsi is the only company to have paid the Rs 10 crore performance guarantee deposit required by the Board of Control for Cricket in India by February 12.
Lokesh Sharma, promoter of sports management company 21st Century Media, confirmed that his firm was participating in the bidding process, but refused to disclose which company was representing. Pepsico India declined to comment.
The bidding for the title sponsorship will take place on later today, with the base price for the bid set at Rs 23.6 crore for one year.
The title sponsor will hold the rights for the next five years, with the first right of refusal for the following five years. The deal also includes advertising rights for IPL match scorecards, a maximum of 12 boards during all 59 matches as well as sponsorship of the Man of the Match award.
