A year after returning as the title sponsor of the Indian Premier League, Vivo has stepped away from the deal and Tata Group, the Indian company conglomerate, has stepped in.
Vivo once again made a decision to exit due to the lack of traction they were getting out of the investment as they were troubled by the political argument that has initially pushed the company to opt out of the 2020 IPL.
According to the IPL governing council’s approval, the Tata Group will be the IPL title sponsor for the next two years (2022 and 2023).
Jay Shah, honorary Secretary, BCCI stated:
“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,” said Shah in an official statement.”We are truly happy that India`s largest and most trusted business group has 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,” he added.
How ‘Tata Group’ Replaced ‘Vivo’ as Title Sponsors
To enter the title sponsorship space, Vivo had earlier replaced soft drink giants PepsiCo by bagging the IPL title sponsorship rights in the year 2017 and committed to pay around Rs 440 crore to the league every year for the next 5-year deal.
The last time Vivo excited the IPL by bringing around Rs 440 crore per year to the IPL table. However, for the last six months, Vivo had been looking for a member to work out on an exit path.
According to the reports, BCCI was completely fine in Vivo quitting the title sponsorship space. Indeed, the BCCI helped Tata and Vivo come to an agreement.
Vivo has done the same, just like the Oppo that had found a way out by selling the rights to Byju’s in the year 2019. However, the BCCI and the IPL governing council are yet to share the details of the deal signed with the Tata Group. Now, what are your thoughts on this deal?