Second time in 17 months, Chinese mobile-maker Vivo has exit the Indian Premier League (IPL) as title sponsors. Vivo opt out of the IPL ahead of the 2020 season, Vivo once again decide to exit because of the lack of traction they were getting out of the investment.
BCCI have find a new title partner in the Tatas, and a deal has been sign for the 2022 edition, following which either renegotiations will take place or the BCCI will float a fresh RFP.
Jay Shah, honorary secretary, BCCI, Said :
“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 has 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,” .
Vivo India had bag the IPL title sponsorship rights in 2017 for Rs 2199 crore, committing to pay the league approximately Rs 440 crore every season, for a five-year deal.
Vivo, the mobile-manufacturer had earlier replace PepsiCo to enter the title sponsorship space after the latter walked out of a Rs 396-crore deal in 2016, allowing the IPL to earn an approximate 450% premium.
Last time when Vivo exit the IPL, BCCI said it took the general sentiment of the Indian cricket fans in absolute seriousness and was therefore willing to do away with a sponsor that was bringing an approximate Rs 440 crore per year to the IPL table as part of the central revenue pool.
Vivo had been looking for a partner to work out an exit route over the last six months but wasn’t able to find a replacement.
It is good for the brand IPL to have a name like Tatas on board.
Earlier Chinese mobile-manufacturer Oppo had find a way out by selling the rights to Byju’s in 2019,
The IPL governing council or the BCCI is yet to share the details of the deal sign with the Tatas.
Tata had shown interest in coming on board as title rights holders back in 2020 but eventually did not come to the bidding table.
The last time when Vivo had exit the IPL, Dream11 had taken the rights for Rs 220 crore.
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