Tata Group has successfully preserved its title sponsorship rights for the lucrative Indian Premier League for the next five years, till 2028.
The deal includes a pledge to contribute ₹500 crore every season.
The provisions of the Invitation to Tender document indicated that Tata reserved the
right to match any competitive bid submitted by another business entity.
Tata Group matched the Aditya Birla Group’s assessment of ₹2,500 crore, as decided by India’s Board of Control for Cricket on Friday, January 19.
Notably, Tata secured the rights after sub-licensing them from Vivo in 2022,
when the smartphone giant attempted to withdraw from the arrangement.
Vivo obtained the rights for five years beginning with the 2018 season, with a commitment of ₹2,199 crore and an exit value of ₹512 crore in the final year.
However, after a year of hiatus owing to the epidemic, the agreement was finally extended for six years.
In 2022, the Tata Group agreed to contribute ₹365 crore each season to the IPL-Vivo pact after facing hurdles. Vivo covered the remaining amount.
The BCCI then granted the Tata Group the authority to match any future proposals following the successful execution of this agreement.
Hence, the Tatas have agreed to match Aditya Birla Group’s proposal of ₹2,500 crore for five years.
The Tata Group paid the reserve amount of ₹365 crore for the rights over the past two seasons.
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IPL 2024 is set to commence in the third week of March
According to reports, the 2024 IPL season will start in the third week of March and finish in late May.
The exact timetable will be released once the polling dates for India’s general elections have been finalised.
While the auction for the forthcoming season occurred on December 19, 2023, clubs are already planning their strategy based on their final lineups.
The IPL season will also be important for India and other nations as they prepare to choose
their final squads for the T20 World Cup in the West Indies and the United States in June.
The reigning champions, Chennai Super Kings, beat the Gujarat Titans in a dramatic final to claim their fifth title in 2023.
The off-season was marked by the return of ace all-rounder Hardik Pandya to
the Mumbai Indians from the Gujarat Titans, who was later chosen captain.
CSK and MI are tied for the most successful IPL franchise, with five titles apiece.
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