- Tata Group will take over as the IPL’s title sponsor from Vivo.
- Brijesh Patel, the IPL’s chairman, confirmed the news to PTI.
- The decision was made at a meeting of the governing council on Tuesday.
The Tata Group, one of India’s biggest business giants, will replace Chinese phone firm Vivo as the Indian Premier League’s title sponsor beginning this year, the event’s governing council agreed during a meeting on Tuesday. “Yes, the Tata group is coming in as the IPL title sponsor,” IPL chairman Brijesh Patel confirmed to PTI.
The amount of money involved in the deal is unknown, and a Tata spokesperson, although acknowledging the development with a “yes,” did not provide any further details.
Vivo had a Rs 2200 crore contract for title sponsorship rights from 2018 to 2022, however following the 2020 Galwan Valley military conflict between Indian and Chinese Army forces, the firm took a year off, with Dream11 taking its position in the IPL.
Despite speculations that the firm was seeking to sell the rights to a qualified bidder, Vivo returned as IPL title sponsor in 2021, and the BCCI accepted 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 would not lose any money because it will continue to get an annual sponsorship value of Rs 440 crore from the new sponsors.
The mechanics of sponsorship in IPL is that BCCI keeps half of the money and divides the rest among the IPL franchises, which have grown to ten with the addition of two new teams this year. The deal is understood to be restricted for this year since the BCCI will have to seek new tenders for the next cycle, which would begin in 2023.