Tata Group, India’s Leading and Celebrated Business conglomerate will be replacing Vivo, Chinese Smartphone brand as Title sponsor for IPL Games from this season. It was decided by the Games Governing council which decides on sponsorship and other management.
“Yes, Tata group is coming in as IPL title sponsor,” IPL chairman Brijesh Patel confirmed the development to PTI.
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.
For the sponsorship contract, Vivo paid 2200 cr from 2018-22 but after the Galwan Incident between Chinese and Indian Army the Company took a break and Dream 11 took the head as sponsor.
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. Thus, Tata Group from now onwards will be at head of these economics.
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.
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