The governing body of the Indian Premier League (IPL) has decided to replace Vivo with TATA as its title sponsor. This decision was taken at their Governing Council meeting on Tuesday, January 11th.”
The news of the Tatas coming on board to Cricbuzz was confirmed following last night’s governing council meeting. “Vivo has exited and we’re really excited about that,” said IPL Chairman Brijesh Patel, adding “the title sponsors will be defending Indian Champions this year!”
Patel revealed that the Governing Council has approved of acquisition by CVC Capital. He went on to say “This means they’ll be issuing us some paperwork today which will allow them to take over our team.”
The league is partnering with an international brand to take it into the future. Vivo has sponsored IPL for years, but now their sponsorship deal will change over time as well- during this period TATA becomes the main sponsor.
Vivo, the Chinese smartphone maker had bagged title rights to Indian IPL in 2018 for INR 440 crore. However, they postponed it after a year due to an India-China geopolitical dispute when a deal was transferred over Dream 11.
The governing council of the IPL has extended its sponsorship until 2023, following a one-year break. The Tata Group will now be stepping in as title sponsor for two more seasons to keep up with their legacy at this world-class sporting event!
The BCCI’s governing council discussed the LoI to CVC Capital and also confirmed that there will be an auction on February 12th & 13th.
The event is set in Bangalore with a majority of teams given at least two weeks before they need new players signed formal letters giving them a time frame for signing more than just a contract but not yet finalized depended upon how quickly these matters progress.
News Source: Vivo pulls out, hands IPL title rights to Tata