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IPL set to become world's richest league after Rs 2199 crore title sponsorship with VIVO

Chinese mobile manufacturing giant VIVO retained the title sponsorship for cash-rich IPL by bidding to pay Rs 2,199 crore.

Mumbai, June 27: Chinese mobile manufacturing giant VIVO on Tuesday (June 27) retained the title sponsorship for cash-rich Indian Premier League for another five years by bidding to pay Rs 2,199 crore.

BCCI announces OPPO as new Team India sponsor BCCI announces OPPO as new Team India sponsor

VIVO bagged the rights for IPL 2018 to 2022 by making an increase of almost 554% from their previous contract. Oppo was the next highest bidder at Rs 1,430 crore.

IPL set to become world's richest league after Rs 2199 crore title sponsorship with VIVO

The Board of Control for Cricket in India (BCCI) will get approximately Rs 440 crore per season with this deal.

As per reports, this deal will make the grown-grown league as the richest sporting league in the world. BCCI will get Rs 440 crore over a period of five years from Vivo, which is Rs 110 crore more than Rs 330 crore paid by Barclays for English Premier League (EPL) between 2013-16.

Popular leagues in the USA like NFA and NBA do not have title sponsors. This is again a testimony to the ever increasing popularity and grandeur of the IPL.

The board had invited applications through its Invitation to Tender process from parties to bid for the title sponsorship rights, starting August 1 2017 and ending on July 31, 2022.

Vivo had reportedly paid Rs 100 crore per year to bag the title sponsorship right of the cash-rich league for a two-year period i.e. 2016 and 2017.

Vivo had taken over from PepsiCo in 2014-15. PepsiCo had paid Rs 396 crore for five years in 2013. The new deal is five-and-a-half times more than what PepsiCo had bid.

In the upcoming five IPL seasons (2018 - 2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns, said a BCCI release.

Speaking on the development, IPL chairman Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better."

Acting President of the BCCI, CK Khanna said, "Vivo as a brand has carved its niche and legacy in the market. We are extremely glad to have Vivo as the title sponsor and look forward to an enriching affiliation for both stakeholders."

"We received an overwhelming response for the title sponsorship rights and we are glad to have Vivo back on board. It is a renewal of a fruitful relationship with the brand that will extend for the next five years," said acting BCCI Secretary, Amitabh Choudhary.

OneIndia News

Story first published: Thursday, August 3, 2017, 7:53 [IST]
Other articles published on Aug 3, 2017