One of India's biggest business companies, Tata Group has made a banging entry in the Indian Premier League (IPL). The Tata Group has become the new title sponsor of the IPL by replacing the Chinese mobile company Vivo. The Board of Control for Cricket in India (BCCI) will also benefit from the entry of Tata Group.
The Tata Group has signed a two-year deal with the IPL as the title sponsor. PTI quoted sources saying that the Tata Group will pay around Rs 670 crore to the BCCI for 2 years. At the same time, Vivo will pay Rs 454 crore as termination. In this way, the BCCI will earn Rs 1124 crore in the next two years. According to the sources, the BCCI will get Rs 547 crore in the 2022 season. Whereas for the 2023 season, they will earn a profit of Rs 577 crore. Vivo had pitched to give Rs 484 crore in 2022 as a title sponsor and Rs 512 crore for the 2023 season.
Vivo had signed a deal of Rs 2200 crore for 2018-2022, but Vivo was dropped for a year in 2020 after the clash between Indian and Chinese Army in Galvan Valley, then Dream-11 got this sponsorship. After this, Vivo was brought back in the last season for a year but now the deal with Vivo is also over. In such a situation, IPL gets a new title sponsor in the form of Tata Group.
BCCI will earn close to 1124 crores in the coming seasons
The Tata Group will give Rs 335 crore per season to the BCCI as title sponsor. In this way, a total of Rs 670 crore will be earned. Reports suggest, Vivo itself has made up its mind to withdraw from this title sponsor. Following which, they will have to pay Rs 183 crore in 2022 and Rs 211 crore in 2023 season as termination fee. Apart from this, 6% assignment fee will also be paid every season which will amount to 29 crore in 2022 and Rs 31 crore in 2023 season. In this way, BCCI will earn a total of 1124 crores in both the seasons.