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Tata Replaces Vivo As IPL Sponsor
The Tata group will replace Vivo as the title sponsor for the 2022 edition of the IPL. The decision was taken at the BCCI’s Governing Council meeting held on Tuesday after Vivo stepped down from the role of IPL title sponsor. IPL chairman Brijesh Patel himself confirmed the Tata group as the title sponsor for the upcoming season after the meeting. The board also formally stamped two new teams during this period.
TATA IPL 2022
- BCCI will get Rs 1124 crore for the 2022-2023 season.
- Vivo had signed a deal of Rs 996 crore for the sponsorship of 2022-23.
- The board keeps 50 percent of the amount received from the sponsorship.
A two-year contract for Rs 670 crore
According to sources, the Tata group will pay Rs 670 crore for the title sponsorship deal of the IPL for two years while Vivo will pay Rs 454 crore for cancellation of the deal. BCCI will get Rs 1124 crore for the 2022 and 2023 seasons. Sources said the board will get Rs 547 crore in 2022 and Rs 577 crore in 2023. Vivo had signed an agreement of Rs 996 crore for the title sponsorship deal for 2022 and 2023. Now the value has increased as there will be ten teams in IPL from this year.
Vivo will have to pay the assignment fee
Tata Group will pay Rs.670 crores at the rate of Rs.335 crores per annum, out of which Rs.301 crores rights fees and Rs.34. crores will be for increasing the number of matches. Since Vivo has canceled the agreement, then it will have to pay the difference amount i.e. Rs 183 crore for 2022 and Rs 211 crore for 2023. Apart from this, he will also have to pay a 6% assignment fee for both years.
The Tata group may remain the sponsor of the league in 2023 as well
The Tata group may remain the title sponsor of the IPL in 2023 as well. Because Vivo was given a break in 2020. Vivo had bought the IPL sponsorship rights from 2018 to 2022 for Rs 2200 crore but took a one-year break after the military confrontation between India and China in the Galvan Valley in 2020. In his place was the Dream11 sponsor. Vivo became the sponsor again in 2021, although there was speculation that they wanted to transfer the rights and the BCCI supported it.