Tata replaces Vivo as IPL title sponsor: Details here
In a major development, Tata has replaced Vivo as the title sponsor of the Indian Premier League (IPL). As per Cricbuzz, the Board of Control for Cricket in India (BCCI) has taken this decision after Vivo pulled out as title sponsor. India's cash-rich league will now be called 'Tata IPL'. Notably, Vivo had bagged the title rights for Rs. 440 crore in 2018.
Vivo bagged the title rights in 2018
Vivo, who bagged the title rights in 2018, still have a couple of years left in the deal. Meanwhile, Tata will remain the main sponsor during this period. Vivo, the Chinese smartphone makers, had pulled out of the deal in 2020 in the wake of the Indo-China standoff. The title rights were transferred to Dream11 in that year.
Vivo will be title sponsor for 2022 and 2023 seasons
Vivo's original five-year deal with the IPL was supposed to span four years (2018-2022). However, it got extended till 2023 due to the one-year break. However, the Tata Group will now be the title sponsor for the 2022 and 2023 seasons.
The Governing Council has approved the request
IPL chairman Brijesh Patel confirmed that Tata will be the title sponsor. "Vivo has exited and the Tatas will be title sponsors," he said. Patel also revealed that the IPL auction for the 2022 season will take place in Bangalore on February 12 and 13. Furthermore, the Governing Council has also approved the Letter of Intent that will be issued to CVC Capital.
IPL: A look at the major developments
In October 2021, the RPSG group and CVC Capital acquired the ownership rights of the two new IPL franchises. The RPSG Group had picked the Lucknow-based franchise with a winning bid of Rs. 7,090 crore. Meanwhile, CVC Capital had grabbed Ahmedabad with a bid of Rs. 5,166 crore. As a result, the 2022 edition of IPL will be a 10-team affair.
New franchises can have three special picks
In October, the BCCI had announced that the two new franchises can pick three players outside the auction. The time frame for the same is yet to be decided. Meanwhile, the existing eight franchises have already announced their list of retained players.