Since the bells for the 2022 season of the Indian Premier League (IPL) have started ringing, there has been significant activity in the sports business industry. Some notable franchises of the IPL have made some smart commercial moves ahead of the 15th season of the popular T20 tournament.
There have been two new entries in the IPL as well. The Lucknow Super Giants of the RP-Sanjiv Goenka Group and Gujarat Titans of the CVC Capital Partners. Both the teams are looking forward to enhancing their franchise’s value commercially and on-field to kickstart their debut season with a strong performance.
According to the SportsMint sources, the fintech unit, Slice has become the Principal and Front-of-Shirt Sponsor of the Gujarat Titans. The deal has been speculated for around Rs 22 crore per year for three seasons. On the other hand, the Lucknow Super Giants have penned down a three-year deal with the online fantasy gaming platform, My11Circle. This deal made the digital platform, the Official Title Sponsor of the KL Rahul-led team. The Lucknow-based team has also partnered with the computer hardware unit, GIGABYTE Technology and its gaming brand, AORUS.
Meanwhile, the veteran teams have also signed lucrative partnerships to further strengthen their sponsorship portfolio. Mumbai Indians (MI) have roped in Slice as their Principal Sponsor. According to SportsMint sources, this collaboration is held for an estimated amount of Rs 90 crore for three seasons. Followed by this, Sunrisers Hyderabad (SRH) have teamed up with the e-commerce platform, Cars24. The team has appointed the used car retailer as their Principal Sponsor and will also feature the brand’s logo on the front side of their jersey.
In addition to this, the four-time champions, Chennai Super Kings (CSK) have joined hands with the leading manufacturer of tyres, TVS Eurogrip. The team brought the brand on board as their Principal Sponsor for three years through a deal estimated at Rs 90 crore.
Through these signings, the brands associated with the teams will witness logo reflection and marketing opportunities. With the elevated brand value of IPL and its franchises, these brands will also gain significant recognition in the sports market.