New Delhi: The Tata Group has replaced Vivo as the title sponsors of the Indian Premier League (IPL).
The Board of Control for Cricket in India (BCCI) and the Tata Group have reached an agreement and a deal has been signed for the 2022 edition.
This will be followed by either renegotiations or the BCCI floating a fresh RFP.
It also marks Chinese mobile-maker Vivo's second exit as IPL title sponsors within a span of 17 months. Vivo had been forced to opt out as the title sponsors of the IPL ahead of the 2020 season due to the tense political landscape in India during that time.
Vivo once again decided to exit as a result of the lack of traction they were getting out of the investment.
"This is indeed a momentous occasion for the BCCI IPL as the Tata Group is the epitome of global Indian enterprise with over 1000 years 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," Secretary of BCCI, Jay Shah said.
The governing council of the IPL have not yet shared the details of the deal signed with the Tatas. It is to be noted that the Tata's had shown interest in coming on board as title sponsors back in 2020 but they did not show up in the bidding table.
Also, Vivo had been looking for a partner to work out an exit route over the last six months but could not find one. The BCCI played an instrumental role in helping Vivo and Tata stitch an agreement this time around.
Vivo India had bagged the sponsorship rights of the IPL Title back in 2017 for a whopping Rs. 2199 crore, committing to pay approximately Rs. 440 crore to the league every season. The deal struck was for a period of five years.
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