New Delhi: Tata Group has replaced VIVO as a title sponsor for IPL.
Vivo has stopped his contract with two left editions.
BCCI has brought to the Tata Group and in accordance with the agreement document accessed by Toi, the Board is expected to produce around RS 130 Crore more than the agreement owned by Vivo which should be carried out up to 2023.
The relationship between BCCI and Vivo pressed the waters in 2020 when Finally decided to choose to escape from sponsoring the IPL 2020 season in the UAE.
Read Alsobcci Stitching IPL dealing with Tatas to contact Vivo which was smooth out by the political fight 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 the lack of traction they got out of investment.
BCCI has found a new title partner at Tatas, and the agreement has been with two new IPL teams that entered and the number of matches rose, BCCI was scheduled to get RS 996 Crore from Vivo for the next two editions.
Vivo has offered Rs 484 CR and RS 512 CR, not Rs 440 CR for the remaining two seasons.
Tata has offered to pay Rs 335 crores per season because the cost of rights and vivo must come out around Rs 450 CR (including assignment costs) to get out of the contract.
Who took BCCI’s income for these two seasons to Rs 1124 Cr.
The Tata Group also wants to extend the five-year contract agreement.
BCCI should invite fresh tenders to sponsor titles for cycles 2024-28.
However, BCCI will provide an option to improve after the new offer occurs in 2024.
This means that Tata must match the highest bid to maintain the IPL title sponsor and it will ensure BCCI does not miss the value.
Read Secretary Alsobcci Jay Shah Hails New YPL Sponsored Tata Tata GROUPBCCI Secretary Jay Shah on Tuesday praised the arrival of Tata Group, one of the largest business conglomerates in India, in the China Vivo cellphone manufacturer as a sponsor of the Indian Premier League title from this year.
The past, has a contract with DLF (Sponsor of the first IPL title) which has a clause that the contract can be extended beyond five years if both parties are negotiated with good faith.
“This is indeed an important opportunity for BCCI IPL because Tata Group is a symbol of the global Indian company with heritage and operations aged more than 100 years in more than 100 countries on six continents.
BCCI, like the Tata Group, wants to promote the spirit of cricket on the international border, and increasingly The popularity of IPL as a global franchise for BCCI’s efforts.
We are truly happy that the largest and most trusted business groups in India have believed in the story of IPL’s growth and together with Tata Group, we will see to take Indian cricket and IPP advance bigger, “said Secretary BCCI in a statement.