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The contract with the team’s current sponsors, Sahara, expires on December 31, 2009. Media reports indicate that even as the BCCI refuses to compromise on its base price to find a new sponsor, the board’s vice-president Lalit Modi is attempting to renew the deal with Sahara. The BCCI wants Rs3 crore for every Test, ODI, and T20 match, and is aiming to seal a deal worth up to Rs600 crore.

It is being speculated that Reliance, Idea, and Bharti Airtel had shown some interest. But when the BCCI floated a tender, on November 2, for the privilege of affixing the Team India’s jersey with a corporate logo, not a single bid was received. The deadline for bidding was November 24.

Curiously, while the BCCI has launched a hectic mission to find support for Team India, some companies have already finalised plans to cash in on the IPL’s third season. For instance, LG Electronics is on board as an associate sponsor; estimates say that associate sponsors will spend up to Rs45 crore to buy ad spots in bulk. Havells India, which had settled a bulk deal with Sony for IPL’s second edition, is seeking a similar agreement for the forthcoming season.

Reports have quoted the joint managing director of Percept Holdings, Shailendra Singh, as saying that the BCCI issued its tender very close the new IPL season. He has told the media that the IPL is more appealing because it offers attractive return on investments.