Updated: January 12, 2022 7:56:24 am
One of India’s largest business conglomerates, the Tata Group, is all set to replace Chinese mobile manufacturer Vivo as the Indian Premier League’s title sponsor from this year, the event’s governing council decided in a meeting on Tuesday.
BCCI secretary Jay Shah stated, “This is indeed a momentous occasion for the BCCI IPL as the Tata Group is the epitome of global Indian enterprise with an over 100 year old legacy and operations in more than 100 countries across six continents. The BCCI like the TATA Group is keen to promote the spirit of cricket across international borders, and the growing popularity of the IPL as a global sporting franchise bears testimony to the BCCI’s efforts. We are truly happy that India’s largest and most trusted business groups has believed in the IPL growth story and together with the Tata Group, we will look to take Indian cricket and the IPL forward to greater heights.”
“Yes, Tata group is coming in as IPL title sponsor,” IPL chairman Brijesh Patel confirmed the development to PTI. Vivo had a deal of Rs 2200 crore for title sponsorship rights from 2018-2022 but after the 2020 Galwan Valley military face-off between the Indian and Chinese Army soldiers, the brand took a break for a year with Dream11 replacing it.
However, Vivo were back as IPL tittle sponsor in 2021 even as speculation raged that they were looking to transfer the rights to a suitable bidder and the BCCI approved the move.
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 fresh tenders for the next cycle will be invited in 2024. “The Tata group wants to be title sponsors for five years but there needs to be a bidding process in place. But the BCCI is mulling on having a Right to Match option for the Tatas in case they are interested in the next cycle,” a source said.
(With PTI inputs)
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