Tata group of companies have replaced Chinese mobile manufacturer Vivo as the IPL title sponsor.
The Tata Group, one of India’s largest business amalgam, will be replacing Chinese mobile manufacturer Vivo as the Indian Premier League’s title sponsor from this year.
Tata group sponsorship decided by IPL governing council
IPL governing council decided in a meeting to replace vivo with TATA. “Yes, Tata group is coming in as IPL title sponsor,” IPL chairman Brijesh Patel confirmed the development to PTI.
The money associated with the deal is yet to be known.
Tata spokesperson, meanwhile while confirming the development with a “yes”, didn’t provide any further details.
A BCCI source said, “This was supposed to happen sooner or later as Vivo’s presence was bringing bad publicity for both the league as well as the company. With negative sentiment around Chinese products, the company had to pull out of the sponsorship with one season left for the deal to be completed.”
The economics of sponsorship is that BCCI keeps 50% of the money and distributes the rest among the IPL franchises. This year the number of franchises are 10 with the addition of two new teams this year.
It is understood that the deal is only for this year as of now as the BCCI will have to invite fresh tenders for the next cycle starting 2023.
ALSO READ: NORA FATEHI’S DANCE MERI RANI MAKES 2 AFRICAN CHOREOGRAPHERS GO VIRAL