Tata Bags the Title Sponsorship of Indian T20 League
As per the latest reports, Tata has replaced Vivo as the title sponsor for the Indian T20 League for the next two seasons. Vivo, who had the title rights until 2023, is expected to transfer the title sponsorship rights for the remaining two seasons. Tata will become the 5th title sponsor in the Indian T20 League history, after DLF, Pepsi, Vivo and Dream11.
The new deal is expected to bring massive profits for the BCCI in the upcoming seasons. The board is expected to enjoy around ₹130 crores more as compared to the deal they had with Vivo. With two new teams in the 2022 season of Indian T20 League, BCCI was expecting to have a profit of ₹996 crore until 2023. As per the new deal, the Tata group will be paying ₹670 crores for the next two seasons, while Vivo will pay ₹454 crores for terminating a contract that had two more years left on it. All of the above transactions will boost BCCI’s profit for two seasons to ₹1124 crores.
|Sponsor||Period||Sponsorship fee (per year)|
|Tata||2022-2023||₹335 crore (expected)|
IPL chairman Brijesh Patel said " This is a milestone occasion for the BCCI 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 Tata Group is keen to promote the spirit of cricket across international borders and boost the growing popularity of the Indian T20 League as a global sporting franchise."
“Together with the Tata Group, we will look to take Indian cricket and the league forward to greater heights,” BCCI secretary Jay Shah said in a statement.
As per the finances of the sponsorship deal, BCCI will keep 50% of the money, while the rest will be distributed among the 10 teams in the league. After 2023, BCCI will 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.
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