Chinese mobile phone brand Vivo has withdrawn its name from the tournament’s title sponsorship before the start of the next IPL season. As a result, Tata group, India’s multinational business company, will be seen as the title sponsor of the IPL for the next two seasons (2022 and 2023). There was a meeting of the IPL Governing Council yesterday, and the decision regarding this was taken.
After the governing council meeting, IPL chairman Brijesh Patel told the media that Vivo had stepped down. Now Tata is coming as the title sponsor of IPL.
Vivo has signed an agreement worth Rs 2,200 crore with the Board of Control for Cricket in India (BCCI) as the title sponsor of the IPL from 2018-22. But due to a border dispute between India and China in 2020, the organization took a one-year break from the IPL. Dream 11 was the title sponsor in place of Vivo.
Vivo made a comeback as a title sponsor again in the last year. Due to the lack of sponsorship in that one year, the contract with Vivo was extended till 2023. But due to strained Indo-China relations, Tata has overtaken the sponsorship rights for the IPL seasons of 2022 and 2023.
However, even if Vivo withdraws from the title sponsor, the BCCI will not suffer financially. The BCCI will pay Rs.440 crore annually after the new company sponsors the title. The BCCI keeps 50% of this money, and the other half is divided between the franchise teams. However, exactly how much money the BCCI has signed with Tata is not known.
At the same time, the issue of controversy over the Ahmedabad franchise has been addressed in the meeting of the IPL Governing Council. Brijesh Patel said that the governing council had formed an inquiry team to look up the allegations against CVC Capital and approved them to send letters quickly.
CVC Capital bought the Ahmedabad franchise from this auction. But since the company has investments in two foreign betting companies, there has been a heated debate over whether to grant them franchise rights. Finally, a decision has been made in this regard. Besides, the auction is scheduled to be held on February 12 and 13 in Bangalore.