The Tata Group has taken over as the title sponsor of the Indian Premier League from the Chinese smartphone manufacturer, Vivo. The new deal is expected to produce enormous profits for the Indian cricket board in the coming seasons. The Board of Control for Cricket in India (BCCI), as per sources, will earn Rs 130 crore more from the deal it had with Vivo.
Going into more detail, the BCCI was anticipating to make a profit of Rs 996 crore from Vivo until 2023, with the inclusion of two new teams. Vivo had proposed Rs 484 crore and Rs 512 crore in place of Rs 440 crore for the remaining two seasons.
In terms of Tata, they are expected to provide BCCI with Rs 335 crore per season, while Vivo has to shell out Rs 450 crore to ensure a smooth exit (including assignment fee). All of the aforementioned transactions will increase BCCI’s profit for the next two seasons to 1124 crore.
Tata is also keen on extending the title sponsorship contract to five years. However, the BCCI will be inviting new tenders for the 2024-28 cycle, and Tata will have the option to use the right to match, in which case they will be able to retain the rights if they match the highest bid.
BCCI secretary Jay Shah, commented, “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.
“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 have 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.”