BCCI to earn extra 130 crore after Tata replaces Vivo as IPL title sponsors | Cricket News

NEW DELHI: The Tata Group has changed Vivo as the title sponsors for IPL. Vivo has terminated its contract with two editions remaining. BCCI has introduced on board Tata Group and in accordance to the deal doc accessed by TOI, the board is anticipated to earn round Rs 130 crore extra from the deal it had with Vivo which was supposed to run until 2023.
The relationship between BCCI and Vivo had hit tough waters in 2020 when the latter determined to decide out of sponsoring the 2020 IPL season in UAE.

With two new IPL groups coming in and the variety of matches going up, BCCI was slated to earn Rs 996 crore from Vivo over the subsequent two editions. Vivo had provided Rs 484 cr and Rs 512 cr as an alternative of Rs 440 cr for the 2 remaining seasons. Tata has provided to pay Rs 335 crores per season as rights charge and Vivo could have to shell out round Rs 450 cr (together with task charge) for a easy exit from the contract. That takes BCCI’s incomes for these two seasons to Rs 1124 cr.
The Tata Group additionally needs to lengthen the deal to a five-year contract. BCCI is meant to invite recent tenders for the title sponsorship for the 2024-28 cycle. However, BCCI will give Tata an choice to proper to match as soon as the recent bidding occurs in 2024. This will imply Tata could have to match the best bid to retain IPL’s title sponsorship and it’ll guarantee BCCI doesn’t miss out on a hefty worth.

BCCI, previously, had a contract with DLF (IPL’s first title sponsors) which had a clause {that a} contract could possibly be prolonged past 5 years if each events negotiated in good religion.
“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 mentioned in an announcement.

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