Mumbai:Sahara's contract as sponsor of the Indian cricket team has been extended till June 2010. This was decided at a meeting of the BCCI marketing committee on Wednesday.
Sahara's contract was to have ended on December 31 and had earlier been extended by three months. It has now been extended by six months.
The reason for the extension is that while companies have shown interest in sponsoring the Indian team, there are no real bidders. And no company seems willing to pay the price the BCCI is asking for.
Sahara's contract was a four-year-deal signed in 2006 for Rs 400 crores. The BCCI is now asking companies to top that and pay a price of somewhere around $ 35 million (about Rs 162 crore) annually.
Also, the ground sponsorship rights that were with World Sports Group (WSG) for 3.25 crore per match were also up for a fresh bid.
The WSG was wanted to give 2.5 crore per match for the fresh deal. The BCCI rejected this reduced offer and has decided to put out a fresh bid.