Rajkotupdates.News: TATA Group Takes the Rights for The 2022 and 2023 IPL Seasons

The Indian Premier League (IPL) will have a new title sponsor for the third consecutive season after Vivo decided to part ways with the league and Tata Group became its replacement. The decision was officially announced by the IPL Governing Council on Wednesday, and the board will earn Rs 1,124 crore in title rights over the next two seasons.

Curiously, despite Vivo’s decision to separate, they will still pay the BCCI Rs 454 crore, as they agreed to a five-year contract in 2018 that would have required them to pay Rs 484 crore and Rs 512 crore in 2022 and 2023, respectively. The Tata Group will pay only Rs 335 crore per season but will assume title sponsorship responsibilities.

In 2020, with two consecutive IPL tournaments scheduled within six months, the Chinese mobile phone manufacturer Vivo opted out of the IPL title sponsorship by invoking the force majeure clause. While the BCCI found a replacement in DreamXI for just Rs 220 crore, Vivo returned for the 2021 season, which was played over two legs.

Vivo’s current contract with the IPL, which runs until 2023, requires them to pay Rs 440 crore annually. With the addition of the Lucknow and Ahmedabad teams, they were expected to pay Rs 484 crore and Rs 512 crore, respectively, for the next two seasons.

rajkotupdates.news : tata-group-takes-the-rights-for-the-2022-and-2023-ipl-seasons

Despite this, it is believed that Vivo informed the BCCI of its intention to terminate the contract due to market conditions. The BCCI initially considered issuing new tenders but decided against them due to market conditions. Instead, it investigated potential replacements. “It is difficult to obtain such a large quantity once the third wave has begun. So, we attempted to negotiate an agreement that would benefit everyone “A board member stated.

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Tata Group will pay the board a substantial sum (Rs 335 crore per season), while Vivo will pay the residual amount and assignment fee. “The sum has changed slightly because there are more games this season. Tata, as the principal sponsor, will cover the majority of the costs, with Vivo covering the remainder, including the assignment fee “IPL General Committee chairman Brijesh Patel said. Even though Vivo has opted out, they will pay the BCCI Rs 454 crore for the next two seasons.

BCCI secretary Jay Shah remarked, “This is a momentous occasion for the BCCI IPL, as the Tata Group is the quintessential global Indian enterprise, with a 100-year history and operations in over 100 nations across six continents.”

“The BCCI, like the Tata Group, is eager to promote the spirit of cricket internationally, and the expanding popularity of the IPL as a global sporting franchise is evidence of the BCCI’s efforts. We are ecstatic that one of India’s largest and most reputable business conglomerates has believed in the IPL’s growth narrative, and together with the Tata Group, we will strive to take Indian cricket and the IPL to new heights “he added.

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In the meantime, the IPL GC issued letters of intent to two new franchises, Lucknow and Ahmedabad. The two new clubs will have until January 25 to sign three players before the auction on February 12 and 13 in Bengaluru. While the IPL GC has verified the venue for the IPL player auctions, it has decided to wait until the end of February before confirming the tournament’s host cities.