BCCI to earn Rs 130 crore profit as Tata bags title sponsorship of IPL
Tata has replaced Vivo whose contract was expected to last till 2023.
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As per the latest developments around IPL’s title sponsorship rights, Tata has taken over Vivo as the latter has terminated its contract with BCCI with two editions remaining. However, the new deal is expected to fetch massive profits for the Indian board in the upcoming seasons. As per the reports, the BCCI is expected to enjoy Rs 130 crore more than the deal which they had with Vivo, and it was expected to last till 2023.
Going into the details of the matter, with two new teams walking in the fresh season of IPL, BCCI was expected to incur a profit of Rs 996 crore from Vivo till 2023. Vivo had offered Rs 484 cr and Rs 512 cr in place of Rs 440 crore for the 2022 and 2023 seasons respectively. Talking in terms of Tata, they are expected to provide BCCI Rs 335 crores per season and for Vivo to have a smooth exit, they will have to give BCCI Rs 450 cr (including assignment fee). All of the above transactions will boost BCCI’s profit for two seasons to 1124 cr.
As per the reports, Tata wished to extend the five-year contract with BCCI for IPL sponsorship right. However, BCCI would be inviting fresh tenders for the 2024-28 cycle where Tata will have an option to use the right to match where if they match the highest bid, they will be able to retain the rights.
This is indeed a momentous occasion for IPL: Jay Shah
“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 said in a statement as quoted by TOI.