IPL 2024: BCCI Restricts Betting Companies And Chinese Brands From Title Sponsorship - Reports
Published - 26 Dec 2023, 06:11 PM | Updated - 23 Aug 2024, 12:24 AM
The Board of Control for Cricket in India (BCCI) is actively seeking a title sponsor for IPL 2024. However, the Indian Cricket Board has made strict rules regarding the companies interested in grabbing IPL 2024’s title sponsorship. BCCI has restricted betting companies and Chinese brands from bidding, as per Cricbuzz.
On December 12, BCCI made an official announcement on IPL’s website for a new title sponsor. BCCI is offering the sponsorship for a five-year term from IPL 2024 to IPL 2028. Earlier, BCCI had offered the invitation to tender (ITT) at an amount of Rs. 5 lakh.
TATA Group is the current title sponsor for IPL. However, their contract ended after IPL 2023. TATA became the title sponsor in IPL 2022 when the Chinese brand VIVO was removed sponsor due to the India-China border stand-off.
BCCI Restricts Betting Companies And Chinese Brands From Title Sponsorships
BCCI has made many restrictions on brands or companies who can bid for IPL 2024 title sponsorship. One of the restrictions is for companies or brands associated with countries not having friendly relations with India. Notably, China is one such nation with a border dispute with India in recent times.
“Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation. In the event, any corporate(s) which is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations,
the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as a material obligations,” one of the points from ITT read.
Also Read: IPL 2024: Aakash Chopra Reveals Who Will Be Gujarat Titans’ Impact Player In The Tournament
Another restriction is for betting or gambling companies. Companies engaged in betting or gambling services in India or the world are restricted from participating in the bidding process.
“Bidder, including any of its Group companies: (i) should not be engaged in betting or gambling services or similar services in India or anywhere in the world; (ii) should not provide any betting or gambling services or similar services to any person in India; and (iii) should not have any investment or ownership interest in any Person engaged in betting or gambling services in India”, the BCCI’s ITT for title sponsorship further read.
In their official announcement, BCCI had also banned several brands from participating in the bidding process for Indian Premier League 2024. Alcohol products, betting, cryptocurrency,
real money gaming, tobacco, and companies that are likely to offend public morals such as pornography were banned from bidding.
Also Read: IPL 2024: ‘Why Gujarat Titans Went Till 24 Crores For Mitchell Starc’ – Aakash Chopra Questions
BCCI Sets Reserve Price For IPL 2024 Title Sponsors At Rs. 360 Crore Per Year
BCCI has set the reserve price at Rs. 360 crore per year. It is the amount invested by their former sponsors TATA Group. Meanwhile, IPL 2024 will take place next year from March to May.
Recently, IPL 2024 auction took place where 72 players found lucrative deals with different IPL franchises. Mitchell Starc became the most expensive player in IPL 2024 auction ever by clinching a Rs. 24.50 crore deal with Kolkata Knight Riders.
