The Board of Control for Cricket in India (BCCI) has decided to rope in Tata as the title sponsor of the Indian Premier League. This decision was made by the Governing Council of the board as Vivo, the main sponsor holding the title rights, pulled out.
The Chinese company will transfer the title and naming rights to one of the biggest corporate firms in India, Tata. After this agreement, the league would be called Tata IPL. BCCI will continue to earn the same fee from the notable organisation for title rights.
The BCCI official announced this decision and said, “There was a request from Vivo to exit the IPL sponsorship deal and the GC has approved it. The BCCI will continue to earn the same fee for the title rights.”
The electronic company, Vivo still has a couple of years left in its multi-year deal with the BCCI and during this period, Tata will remain the sponsor.
Vivo acquired the title rights for a whopping amount of INR 440 crore a year in 2018. In 2020, the Chinese company paused the deal for a year due to the Indo-China diplomatic standoff. During this process, the rights were handed over to Dream11.
The initial deal was inked for five years up to 2020 but got extended till 2023 due to the break.
Recently the cricket board has also partnered with KPMG to get advice on the sale of media rights of IPL.