• Source:JND
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IPL Title Sponsorship: The TATA Group has successfully retained the title sponsorship rights for the Indian Premier League ahead of the upcoming 2024 season.

They will now remain the title holders for the next five years, having extended the lucrative deal until 2028 as per which they will be paying INR 500 crores to BCCI every season.

India's renowned Tata group first bagged the IPL title rights back in 2022 after they overtook Vivo to be the new Title sponsor.

 

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Vivo, the smartphone company had to withdraw from the deal due to various reasons one of them being its Chinese connections.

They had bagged the title sponsorship from the 2018 season for an initially planned five-year period on a deal of INR 2199 crore, with the exit value in the final year set at INR 512 crore.

However, the deal went on to run for six years, as it was paused for a year during the pandemic.

 

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When the IPL-Vivo deal faced massive challenges due to tensions in diplomatic relations between India and China, the Tata Group stepped in during 2022 and agreed to contribute INR 365 crore per season, with Vivo covering the remaining value.

The upcoming edition of the Indian Premier League (IPL) 2024 will be TATA Group's 3rd third in the cash-rich league.

As per a report from Cricbuzz, Tata was allowed to match any competitive offer made by another corporate entity under the terms mentioned in the Invitation To Tender (ITT) document

So, the group decided to match the INR 2500 crore valuation presented by the Aditya Birla Group before the BCCI finalised the decision on Friday.

Notably, the BCCI indicated that the Chinese companies or brands will not be allowed to bid as they remain keen to avoid being associated with firms from countries that do not have friendly relations with India.

The particular clause in the ITT says, "Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation. In the event, any corporate(s) that is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations, the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as material obligations."

It is to be noted that the reserve price for the rights was INR 365 crore, an amount the Tata Group paid each year for the last two years.

The upcoming IPL 2024 season, which is the 17th edition of the world's most popular T20 cricket league, is likely to begin on March 23 with the teams and players looking to capitalise with the T20 World Cup 2024 approaching as well.