Chinese handset manufacturers Vivo retained the title sponsorship rights for the Indian Premier League for a span of five years with their bid of Rs 2,199 crore. The company had earlier bagged the sponsorship rights for the 2016 and 2017 editions at a cost of Rs 100 crore per annum.
The recent deal for the sponsorship rights of the T20 league is a huge jump from Vivo's bid for the previous two years. Vivo will pay Rs 440 crores per year to the BCCI in order to retain the rights.
The Indian board had invited title sponsorship bids for the cash-rich league earlier this year with tenders acceptable till noon on June 27th.
“Interested parties can collect the tender documents for the bids between 1 June and 21 June from the BCCI office in Mumbai upon payment of Rs3 lakh,” stated the invitation to tender document. All bids must be submitted by 12 PM on 27 June,” said the advertisement by the BCCI.
Pepsi had bagged the title sponsorship rights of the T20 frenzy at Rs 80 crores in an agreement in 2013 followed by Vivo in 2016.
The renewed sponsorship deal will commence on August 1 and will be valid till July 31, 2022. The IPL Governing Council in May had released a notification regarding all the processes related to the league with every contract being extended to a five-year period stating, “IPL title sponsorship Invitation to Tender will start on May 31, 2017; The Request for Proposal (RFP) for IPL Event Services contract will be floated on June 12; The IPL Media Rights Invitation to Tender on the next rights period will commence on July 17.”
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