VIVO Electronics Corp, the China-based smartphone giant, has retained its title sponsorship rights for the upcoming season of the Indian Premier League (IPL). The rights were won for a staggering amount of Rs. 2,199 Crores, a 554 % increase as compared to their previous two years contract which was valued at 1282 crores approx.
The length of the contract, which is now the biggest sports sponsorship deal in the country, is set for a five years cycle as per the new guidelines from the IPL governing committee.
The last date to apply for the bidding process was June 21. The application documents were available from May 31 and the result of the process was announced today as planned.
The base price was set at a whopping at Rs 120 crore per year keeping the growing popularity of the league in mind. But, the BCCI has evidently reaped much better amount than what was anticipated.
Earlier in March, Vivo was in the race for the Indian team’s main sponsorship rights as well but was outbid by Oppo Mobile who grabbed the rights with a bid of Rs 4.17 crore per bilateral match and Rs 1.51 crore for ICC matches.
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) June 27, 2017
It is to be noted that the full list of applicants has not been disclosed by the Board of Control for Cricket (BCCI) in India,
Vivo was the front runner, among other mobile companies like OPPO Xiaomi and Intel and was expected to try and retain the sponsorship.
So far, the title sponsorship has been held by three brands since the inaugural edition in 2008. DLF, the Indian real estate giant, was the title sponsor for the first five years. Later, soft drinks behemoth 2013, Pepsi became the title sponsor. They signed a five-year deal for Rs. 396 crore for the rights.
The international brand, however, backed out in 2013 after the BCCI found itself embroiled in the spot-fixing and betting scam and discontinued its deal in October 2015. Vivo grabbed the opportunity and came on board for the 2016 and 2017 season for Rs. 160 crores before finally winning the lengthy term.