Tata company once again bought the title rights of the Indian Premier League (IPL). The company bought the 5-year rights for Rs 2500 crore, which means that for one IPL season, the Board of Control for Cricket in India (BCCI) will get Rs 500 crore from the title sponsor. Even before this, Tata had the title rights of IPL. The company had purchased the rights till 2023 by paying Rs 730 crore in 2022.
The companies bid after purchasing the tender documents from BCCI. In this, Aditya Birla Group bid Rs 2500 crore. BCCI then asked the previous sponsor Tata whether they too were ready to bid this much. Tata Group also bid Rs 2500 crore and got the sponsorship.
BCCI had issued a tender to sell the title rights of IPL a month ago. Companies interested in purchasing the rights had to purchase a tender document worth Rs 5 lakh from BCCI. Whose last date was 8th January. After purchasing the document, companies had to send payment details to ipltitlesponsor2023.itt@bcci.tv.
BCCI had made it clear in its tender document itself that Chinese companies cannot bid for sponsorship. Due to border and political dispute between India and China, BCCI decided not to take sponsorship from Chinese companies. Earlier in 2021, Chinese tech company Vivo was the title sponsor of IPL.
At present the title sponsor of IPL is Tata. That means IPL will not just be called IPL, it will be called Tata IPL. Meaning the brand name before the league name. Like DLF was called IPL in 2008. This is called title sponsorship, for which companies bid and get the deal.
In the year 2008, ₹ 50 crore was given annually for title sponsorship, while in 2024 this figure will reach ₹ 500 crore annually. There is a 5-year deal between Tata and BCCI, for which Tata has given a total of ₹2500 crore.
The 17th season of IPL will be played this year. According to reports, the tournament can start from March 22, but due to the dates of Lok Sabha elections in the country not being released, the official announcement of the IPL schedule has not been made yet. The previous tournament ran from March 31 to May 28, 2023. Then Chennai Super Kings won the title by defeating Gujarat Titans in the final.
The mini auction for the new season of IPL took place last month on 19 December. 10 teams bought 72 players for Rs 230.45 crore, including 30 foreigners. A record-breaking bid was placed on the Australian pace pair of Mitchell Starc and Pat Cummins. Kolkata made Starc the most expensive player in franchise history by buying him for Rs 24.75 crore. Cummins was bought by Hyderabad for Rs 20.50 crore.
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