Tata IPL title sponsor: Tata Group on Tuesday replaced Vivo to bag the Indian Premier League’s title sponsorship rights.
With the Indian Premier League 2022 mega auction just around a month away, the Cricketing fraternity has yet again shifted its focus on discussions around BCCI’s lucrative league.
With the 15th season of the league set to be a 10-team affair, the competition promises to be a lot more spicier this year onwards.
As per the latest development around the cash-rich league, India’s Multinational conglomerate Tata Group has replaced Vivo to bag the title sponsorship rights of the IPL for two upcoming seasons-2022 and 2023.
Apart from the above news, CVC Capitals, owners of the Ahmedabad-based franchise which is set to make its debut in the upcoming season, has also been handed the Letter of Intent (LoI) after its maiden participation in the league hovered under dark clouds, ever since its stakes in overseas betting firms surfaced.
Tata IPL title sponsor: How much will Tata pay BCCI?
Vivo has terminated its contract with two editions remaining. Moreover, with IPL 2022 set to witness an increase in the number of matches (74 as against 60), the BCCI is set to receive a humongous sum from Tata Group for the next two years.
Vivo was supposed to shell out INR 68 Crore (34+34) for the next two seasons as increment fees for increase in the number of matches.
Including the total rights fee (INR 602 Crore) for the upcoming two seasons, the Chinese Mobile manufacturing company had agreed to pay a total of INR 183 Crore (2022) and INR 211 Crore (2023)= INR 394 Crore in addition to the aforementioned increment fee.
An addition of a further 6% assignment fee for two years- INR 29 Crore + INR 31 Crore, the total amount set to be earned by the BCCI via title sponsorship rights is INR 1124 Crores.
Rights Fee: 301 (2022) + 301 (2023) = Total 602
Incremental fees for additional matches: 34cr (2022) + 34cr (2023) = 68
Payable by Vivo: 183cr (2022) + 211cr (2023) = 394cr
6% assignment fee – Vivo: 29cr (2022) + 31cr (2023) = 60cr
Total receivable by BCCI – 1124cr#IPL
— Subhayan Chakraborty (@CricSubhayan) January 11, 2022
To put things in perspective, the Indian Cricket board was to earn INR 996 Crore from Vivo as part of the initial deal. Thus, BCCI’s earnings go up by INR 130 Crore further for a period of two years.