TATA retains IPL title sponsor rights until 2028
Tata Group successfully retained the rights as the title sponsor for the lucrative Indian Premier League (IPL) for the next five years until 2028. As per the agreement, there is a commitment to contribute ₹500 crore per season.
The terms in the Invitation to Tender (ITT) document stated that Tata had the right to match any competitive offer made by another corporate entity. Thereby, the Tata Group matched the ₹2,500 crore valuation by the Aditya Birla Group, with the Board of Control for Cricket in India (BCCI) deciding on Friday, January 19.
Noteworthy is the fact that Tata acquired the rights after sub-licensing it from Vivo in 2022 once the smartphone company sought to withdraw from the deal.
Vivo had secured the rights from the 2018 season for an initially planned five-year period, with a commitment of ₹2,199 crore and an exit value in the final year set at ₹512 crore. However, with a year on pause due to the pandemic, the deal eventually ran for six years.
When the IPL-Vivo deal encountered challenges, the Tata Group intervened in 2022, agreeing to contribute ₹365 crore per season, with Vivo covering the remaining value. The BCCI subsequently granted the Tata Group the right to match any new offers upon the successful completion of this agreement. Hence, the Tatas have agreed to match the Aditya Birla Group's bid of ₹2,500 crore for a five-year term.
The reserve price for the rights was ₹365 crore, which the Tata Group paid in each of the last two seasons.
IPL 2024 likely to begin in the third week of March
The 2024 IPL season will likely begin in the third week of March and last until the end of May, as per reports. The final schedule will be announced upon the finalization of polling dates for India's general elections.
While the auction for the upcoming season took place on December 19, 2023, teams are now finalizing their strategies around their final rosters. The IPL season will also be crucial for India and other teams to help them select their final squads for the T20 World Cup in the West Indies and USA in June.
Chennai Super Kings (CSK) are the defending champions, having defeated the Gujarat Titans (GT) in a thrilling final to win their fifth title in 2023.
The off-season was headlined by the return of star all-rounder Hardik Pandya to the Mumbai Indians from the Gujarat Titans and subsequently being named captain.
CSK and MI are level for the crown of the most successful IPL franchise, with five titles each.