“Yes, Tata group is coming in as IPL title sponsor,” IPL chairman Brijesh Patel confirmed the development to PTI.
One of India’s biggest business aggregates, the Tata Group, is all set to supplant Chinese mobile maker Vivo as the Indian Premier League’s title sponsor from this year, the event’s governing council chose in a meeting on Tuesday. Vivo had a deal of Rs 2,200 crore for title sponsorship privileges from 2018-2022 however after the 2020 Galwan Valley military face-off between the Indian and Chinese Army soldiers, the brand had some time off for a year with Dream11 supplanting it in the IPL.
The money associated with the deal is yet to be known and a Tata spokesperson, while confirming the development with a “yes”, didn’t divulge any further details.
However, Vivo was back as IPL tittle sponsor in 2021 even as speculation raged that the company was looking to transfer the rights to a suitable bidder and the BCCI approved the move.
“This was supposed to happen sooner or later as Vivo’s presence was bringing bad publicity for both the league as well as the company. With negative sentiment around Chinese products, the company had to pull out of the sponsorship with one season left for the deal to be completed,” said a BCCI source.
The BCCI will not lose any money as it is still assured of an annual sponsorship sum of Rs 440 crore which will now be paid by the new sponsors.
The economics of sponsorship is that BCCI keeps 50 per cent of the money and distributes the rest among the IPL franchises which are now 10 with the addition of two new teams this year.
It is understood that the deal is only for this year as of now as the BCCI will have to invite fresh tenders for the next cycle starting 2023.
Indian Premier League’s (IPL) two new teams — Sanjiv Goenka’s RPSG Group for the Lucknow franchise and CVC Capital’s Ahmedabad team — on Tuesday received the formal clearance from the Board of Control for Cricket in India (BCCI). The formal clearance was given after a meeting of the Indian Premier League (IPL) Governing Council on Tuesday and both Ahmedabad and Lucknow have also been given a time frame for player signing before the mega auction takes place.
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