The Tata Group has successfully retained the title rights for the Indian Premier League (IPL). They have secured a five-year deal with the BCCI for the title rights.
The Tatas acquired the rights for the first time in 2022 after sub-licensing it from Vivo. The Chinese smartphone company had to end its association with the IPL due to the diplomatic tension between India and China. Vivo had signed a five-year deal with the BCCI in 2018. However, in 2018, the contract was paused for a year in the wake of the border tension.
Before Vivo returned in 2021, Dream11 had taken over as the title sponsor in the 2020 edition. In January 2022, Tata replaced Vivo as title sponsors for two years and will now continue its association with the world’s most lucrative T20 league.
Tata to continue as IPL title sponsors:
After taking over from Vivo in 2022, the Tata Group had agreed to contribute INR 365 crore per season while the smartphone company covered the remaining value. According to the new agreement, the Tatas will contribute Rs 500 crore per season, as per a report in Cricbuzz.
Under the terms outlined in the Invitation To Tender (ITT) document, Tata had the privilege to match any competitive offer made by another corporate entity. And the Tatas decided to match the INR 2500 crore valuation presented by the Aditya Birla Group. The Board of Control for Cricket in India (BCCI) made this decision on Friday.
The BCCI had set strict conditions for the bidders. The cricket board had indicated that it would not entertain bids from Chinese companies or brands, citing its reluctance to be associated with firms from countries that do not have friendly relations with India.
“Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation. In the event, any corporate(s) which is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations, the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as a material obligations,” stated a clause in the ITT.
