It’s Time For Vivo To Say ‘TA-TA’ To IPL!
Tata Group will replace Chinese mobile manufacturer Vivo as the title sponsor in 2022 edition of IPL.
Salt-to-Steel conglomerate ‘The Tata Group’ has made a foray into the biz-world of cricket. In the 2022 edition of the Indian Premier League (IPL), Tata Group will replace Chinese mobile manufacturer Vivo as the title sponsor, the cricket league's chairman Brijesh Patel told news agency PTI.
"Yes, Tata group is coming in as IPL title sponsor," IPL chairman Brijesh Patel confirmed the development to PTI.
The financial details of the deal are still under wraps.
The 2022 Mega auction will take place in Bengaluru in the second week of next month.
Vivo had struck a deal worth Rs 2,200 crore for title sponsorship rights for four years-- from 2018 to 2022.
But in a turn of events, in 2020, the Galwan Valley military face-off between the Indian and Chinese Army soldiers soured the relationship between the two neighbouring countries leading the brand to take a year hiatus, with Dream11 stepping in as the IPL title sponsor.
Despite speculation that the Chinese brand was trying to sell the rights to a potential bidder, Vivo was back as the title sponsor in 2021, and the BCCI authorised the move.
"This was supposed to happen sooner or later as Vivo's presence was bringing bad publicity for both the league as well as the company. With negative sentiment around Chinese products, the company had to pull out of the sponsorship with one season left for the deal to be completed," said a BCCI source.
The BCCI has nothing to lose with this deal as an annual sponsorship sum of Rs 440 crore is not slipping out of its hands anyway, which will now be paid by the Salt-to-Steel business conglomerate.
The deal is believed to be applicable only for this year since the BCCI would invite the fresh tenders for the following cycle, which begins in 2023.
The business of sponsorship is that BCCI retains 50 percent of the money and releases the rest of the amount to the participating IPL franchises, which now counts 10 with the addition of two new teams this year.
The two new additions to the IPL in 2022 are-- Sanjiv Goenka's RPSG Group’s Lucknow franchise and CVC Capital's Ahmedabad team. RPSG Ventures made the highest bid of Rs 7,090 crore for Lucknow, while CVC Capital Partners had bid Rs 5,625 crore for an Ahmedabad-based team.