The Board of Control for Cricket in India (BCCI) inked a new deal with Tata after Vivo backed out as the official title sponsor of the Indian Premier League (IPL).
As per the deal, the Tata group will be paying INR 670 crores for the next two seasons while Vivo will pay INR 454 crores for terminating the contract which had two more years left on it.
“Yes, Tata group is coming in as IPL title sponsor. 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,” IPL chairman Brijesh Patel told PTI.
Earlier, Vivo had signed a deal in 2018 where they were set to pay INR 2200 crores for the title sponsorship of the league from 2018 to 2022. However, the deal was paused in 2020 due to diplomatic tensions between India and China. As a result, Dream11 replaced Vivo for a season.
“BCCI will look to take Indian cricket and the IPL forward to greater heights” – Brijesh Patel
The inked deal will see Tatas pay INR 335 crores per year. Of the payment, INR 301 crores is for the Rights Fee while the remaining 34 crores are the incremental fee due to the increase in the number of games after two new IPL teams were added.
“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,” Patel mentioned.
As per the finances of the IPL sponsorship, BCCI will keep 50 percent of the money while the rest will be distributed among the ten teams in the league. After 2023, new applications will be invited for the title sponsorship.