IPL: Vivo is out and Tata signed deal with the BCCI
IPL: Vivo is out and Tata signed deal with the BCCI
The Tata company has taken over as the title sponsor of the Indian
Premier League (IPL) for the 2022 and 2023 seasons, according to officials from the Board of
Control for Cricket in India (BCCI).
A representative for Tata Sons verified the news.
Even though the BCCI and Tata group did not disclose financial details of the deal, a person familiar with the matter told ET on condition of anonymity that the salt-to-software group is likely to pay 300 crore per year. This amount is about 60% of what Vivo would have paid as the title sponsor of the IPL for the next two seasons. Vivo will be responsible for the balance due under the contract.
On February 11 of last year, ET reported that Vivo was willing to let go of its IPL title sponsorship if it could find a buyer at the right price, despite the reaction against Chinese businesses.
Jay Shah, honorary secretary, BCCI stated The Tata group is the essence of global Indian enterprise, with activities in more than 100 countries across six continents and a history dating back over 100 years. This is a historic moment for the BCCI IPL.
The BCCI, like the Tata company, is determined to spread cricket's spirit across international borders, as evidenced by the growing popularity of the IPL as a worldwide sporting franchise.
Another representative from Tata Group stated that the move is likely to provide a strong platform for showcasing the Tata group's various consumer brands, including the upcoming launch of Tata Neu, a new app.
Following the India-China military battle in Ladakh's Galwan in June 2020, Vivo and BCCI agreed to "halt" the 2,190-crore deal signed by Vivo for the 2018-2022 cycle for the 13th season of IPL in 2020, as both the handset firm and the board were caught in a whirlwind of the unwanted press.
Experts say Vivo has made a name for itself in the Indian market, and that after a one-year break in 2020, when Dream11 bought the title rights for half the price Vivo had paid, Vivo's top executives realised they had overpaid for the rights. Vivo may assign the rights to a third party under the terms of the contract, but it will have to pay a 5% assignment payment. Oppo had been a Team India sponsor (jersey rights holder) for five years. However, they have transferred the rights to Byju' in a similar manner in 2019. Likewise, PepsiCo assigned IPL championship rights to Vivo in 2016 for the final two years of their initial five-year arrangement.
A representative for Tata Sons verified the news.
Even though the BCCI and Tata group did not disclose financial details of the deal, a person familiar with the matter told ET on condition of anonymity that the salt-to-software group is likely to pay 300 crore per year. This amount is about 60% of what Vivo would have paid as the title sponsor of the IPL for the next two seasons. Vivo will be responsible for the balance due under the contract.
On February 11 of last year, ET reported that Vivo was willing to let go of its IPL title sponsorship if it could find a buyer at the right price, despite the reaction against Chinese businesses.
Jay Shah, honorary secretary, BCCI stated The Tata group is the essence of global Indian enterprise, with activities in more than 100 countries across six continents and a history dating back over 100 years. This is a historic moment for the BCCI IPL.
The BCCI, like the Tata company, is determined to spread cricket's spirit across international borders, as evidenced by the growing popularity of the IPL as a worldwide sporting franchise.
Another representative from Tata Group stated that the move is likely to provide a strong platform for showcasing the Tata group's various consumer brands, including the upcoming launch of Tata Neu, a new app.
Following the India-China military battle in Ladakh's Galwan in June 2020, Vivo and BCCI agreed to "halt" the 2,190-crore deal signed by Vivo for the 2018-2022 cycle for the 13th season of IPL in 2020, as both the handset firm and the board were caught in a whirlwind of the unwanted press.
Experts say Vivo has made a name for itself in the Indian market, and that after a one-year break in 2020, when Dream11 bought the title rights for half the price Vivo had paid, Vivo's top executives realised they had overpaid for the rights. Vivo may assign the rights to a third party under the terms of the contract, but it will have to pay a 5% assignment payment. Oppo had been a Team India sponsor (jersey rights holder) for five years. However, they have transferred the rights to Byju' in a similar manner in 2019. Likewise, PepsiCo assigned IPL championship rights to Vivo in 2016 for the final two years of their initial five-year arrangement.