Mumbai: For the second time in 17 months, China Vivo’s mobile maker has left the Premier League (IPL) as a sponsor of the title, and this time forever.
Troubled by the political quarrel that first forced the company to choose out of the IPL ahead of the 2020 season, Vivo once again decided to come out because of their lack of traction out of investment.
BCCI has found a new title partner in Tatas, and the agreement has been signed for the 2022 edition, the following is the negotiation will take place or BCCI will float fresh RFP.
Vivo India has pocketed the Sponsor Rights of the IPL title in 2017 for RS 2199 Crore, committed to paying the league around Rs 440 Crore every season, for a five-year agreement.
The previous cellular manufacturer replaced the Pepsico soft-drink giants to enter the sponsorship room after the last one walked out of the 396 Crore RS agreement in 2016, allowing the IPL to get an estimate of 450% premium.
The last time Vivo came out of the IPL, BCCI said taking general sentiment from Indian cricket fans in the absolute seriousness and is therefore willing to get rid of the sponsor who brought the estimate of the Rs 440 Crore per year onto the IPL table as part of the central income pond.
Vivo has been looking for a partner to find a way out over the past six months but cannot find a replacement.
The source in knowledge said, “BCCI is really fine in Vivo stops from the room during the ‘honored’ commitment by getting a suitable replacement”.
In fact, it is a BCCI that helps Vivo and tatas reach this time.
“It’s good for the IPL brand to have a name like Tatas on board.
Now, whether it’s left without choice but they find it a lot here to enter is a different problem.
What’s important is it works very well for the league and us Glad BCCI managed to sew one good time, “said Industrial Source.
Just like the Chinese-concern and Cellular Manufacturer Oppo has found a way out by selling the right to by BYJU in 2019, Vivo has also done the same thing.
While Oppo has found the agreement is not sustainable, Vivo has a series of separate reasons, borne by general political battles between India and China.
Born of Chinese Conglomerate BBK Electronics, both Vivo and Oppo have been bigly betting in the Indian cricket industry four years ago, when BCCI has sold the title of the IPL and the Indian team jersey team to these companies with premiums.
The IPL or BCCI government council has not distributed the details of the agreement signed by tatas.
Leading Indian companies have shown interest to come as rights holders in 2020 but eventually do not come to the offer table.
In fact, the current agreement with Tatas is the first in the past two years that e-gaming or e-edge company – which flushes with cash – does not come to the table table.
Industrial sources are wondering if it is a sign of time to come.
“Someone will expect the Unacademy or Dream11 or the Crypto-NFT company to come.
But it looks like BCCI has decided to save some of these companies or there is a kind of current saturation,” say they trace developments.
The last time Vivo had come out of the IPL, Dream11 had bought the right to Rs 220 Crore.