As per the latest developments, BCCI and VIVO parted ways with each other as the latter terminated its contract with BCCI with two IPL editions remaining. However, this has been a boost for the Indian board as they have roped in Tata as the new title sponsor for IPL. As per the reports, the BCCI is expected to enjoy Rs 130 crore more than the deal which they had with Vivo, and it was expected to last till 2023.
How much is Tata offering for IPL Title sponsorship to BCCI?
With the addition of two new teams, BCCI was set to receive a profit of Rs 996 crore from Vivo till 2023. Vivo had offered Rs 484 cr and Rs 512 cr in place of Rs 440 crore for the 2022 and 2023 seasons respectively. Now Tata is expected to provide BCCI Rs 335 crores per season and for Vivo to have a smooth exit, they will have to give BCCI Rs 450 cr (including assignment fee). All of the above transactions will boost BCCI’s profit for two seasons to 1124 cr.
Tata was looking for a five-year contract. However, the Indian board would be inviting fresh tenders for the 2024-28 cycle where Tata will have an option to use the right to match where if they match the highest bid, they will be able to retain the rights.
BCCI secretary Jay Shah welcomes the Tata group to the IPL family
BCCI secretary Jay Shah expressed his gratitude and excitement in welcoming the Tata group to the most successful cricket league in the world.
“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,” BCCI secretary Jay Shah said in a statement as quoted by TOI.
Highlights:
• Tata bags the title sponsorship of IPL for the next two seasons.
• BCCI set to earn a profit of Rs 130 Crore with the Tata deal.
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