The TATA Group has retained the title rights for the Indian Premier League and will hold the position for the next five years by extending the deal until 2028.
TATA Groups Bags IPL title rights until 2028
The TATA Group has successfully bagged the title rights for the Indian Premier League for the next five years.
They have agreed to contribute INR 500 crore per season and BCCI decided to issue the title rights to the TATA group on Friday.
As per the terms in the Invitation To Tender (ITT) document, TATA had matched the privilege to match the offers made by other corporate entities. They matched the valuation of INR 2500 Crore submitted by the Aditya Birla Group.
The TATA acquired the rights for the 2022 season alongside Vivo. However, due to various reasons, the VIVO had to pull out of the deal.
Vivo had agreed to the deal and secured the rights for five years including the 2018 season. They bagged the rights to pay INR 2199 crore, with the exit value in the final year set at INR 512 crore.
The deal continued for six years as it was paused for a year during the pandemic. The Tata Group involved in the process of bagging IPL title rights in 2022 after the IPL-Vivo deal encountered challenges due to the political tension between India and China.
They agreed to contribute INR 365 score per season, with Vivo balancing the remaining value.
Following the deal, the BCCI granted the TATA groups the right to match any offers and the entity eventually succeeded in matching Aditya Birla’s Group Bid.
The BCCI had laid Stringent conditions for prospective bidders, and the BCCI has indicated that it would not accept bids from Chinese companies or brands, who do not have any friendly relations with India.
There is a clause in the ITT saying, “Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation.”
“In the event, any corporate(s) which is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations, the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as a material obligations.”
The BCCI awarded the title sponsorship rights to the TATA groups on Saturday for a record-breaking value of INR 2500 Crore, which is the highest sponsorship amount in the history of the League.
TATA Group is the title sponsor of the Women’s Premier League and held the sponsorship for IPL 2022 and 2023.
The BCCI secretary Mr. Jay Shah said, “We are elated to announce the partnership with the TATA Group as the Title Sponsors of the IPL. The league has transcended borders, captivating audiences worldwide with its unmatched blend of skill, excitement, and entertainment.”
“Similarly, the TATA Group, rooted in India, has emerged as a symbol of excellence, making its mark across diverse global sectors. This collaboration embodies the spirit of growth, innovation, and a mutual dedication to excellence.”
“The unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international sports stage,” he concluded.
The IPL chairman Mr. Arun Singh Dhumal said, “The collaboration with TATA Group for the title sponsorship of IPL 2024-28 is a significant milestone in IPL’s journey. The record-breaking sum of INR 2500 crore by TATA Group is a testament to the immense value and appeal that the IPL holds in the world of sports.”
“This unprecedented amount not only sets a new benchmark in the history of the league but also reaffirms the IPL’s position as a premier sporting event with global impact.”
“TATA Group’s commitment to cricket and sports is truly commendable, and we look forward to scaling new heights together and providing fans with unparalleled cricketing entertainment,” he concluded.
The BCCI had planned to raise the number of matches to 84 in the upcoming 2025 and 2026 seasons, and 94 matches in 2024. Experts say that IPL title rights holders will have to pay a sponsorship fee based on their bid amount for 84 and 94 games.
