Tata takes over IPL sponsorship crown from VIVO » - IPS BUSINESS SCHOOL

Tata takes over IPL sponsorship crown from VIVO

Tata takes over IPL sponsorship crown from VIVO

Tata Group will be the IPL title sponsor for the next two seasons (2022 and 2023) taking over the sponsorship crown from Vivo but what has driven the largest conglomerate in India to be IPL's title sponsor.

The Tata Group has replaced Chinese mobile phone makers as title sponsors of the Indian Premier League () in the 2022 and 2023 seasons, an official from the Indian Cricket Management Board (BCCI) said.

A Tatason’s spokesman confirmed the development.

The Salt to Software group could pay Rs 30 billion annually. This is about 60% of what Vivo will pay as the title sponsor of the IPL for the next two seasons, someone who knows this issue told ET on condition of anonymity. , Even if BCCI and Tata Group did not disclose the financial details of the transaction. According to the contract, Vivo will have to pay the remaining amount.

ET reported on February 11th last year that it was ready to let go of its IPL title sponsorship in a backlash against Chinese brands if Vivo found a buyer at the right price.

“This is certainly an important opportunity for BCCIIPL, as the Tata Group is the epitome of a global Indian company with over 100 years of history and operations in more than 100 countries on six continents,” said Honorary Secretary. Jay Shah says. BCCI.

“BCCI, like the Tata Group, is enthusiastic about promoting the spirit of cricket across borders, and the growing popularity of IPL as a global sports franchise demonstrates BCCI’s efforts,” he said. Added.

Tata Group officials didn’t want to be identified, but said, “This move will be a great platform to showcase Tata Group’s multiple consumer brands, including the app’s proposed launch, Tata Noi. It is expected. ”

Vivo and BCCI have agreed to “suspend” the Vivo-signed 2,190 Chlore transaction in the 2018-2022 cycle of the 13th edition of the IPL in 2020. This is because both mobile phone makers and the board of directors have been caught up in a whirlpool of negative publicity. Following the military clash between India and China in the Galwan Valley of Ladakh in June 2020.

Assignment of non-new rights:

According to experts, Vivo has established its name in the Indian market, and after a one-year gap in 2020, when Dream11 acquired half the rights paid by Chinese companies, Vivo’s top The boss also noticed that the company was overpaid. right. Under the agreement, Vivo may transfer the rights to a third party, but you will be required to pay a 5% transfer fee. Oppo, a sponsor of Team India (the owner of the jersey rights) for five years from 2019 and 2017, transferred the rights to Byju’s in a similar manner. Similarly, in 2016, PepsiCo assigned Vivo IPL title rights for the remaining two years of the original five-year contract.

Meanwhile, sports marketing experts said BCCI was not transparent about the deal. “BCCI is within the scope of the right to completely close the transaction or transfer the right to another company, but the method of signing the Tata Group is not very transparent,” he did not want to be identified. The executive said. “In 2020, when Vivo and the board suspended trading for a year, the board held an auction. Again, BCCI could have done so, or Vivo’s annual payments. It’s possible that some players were ready to pay more than that. “Because Vivo’s transaction was backend, last year’s payment to BCCI was close to 50 billion rupees.

Tata takes over IPL sponsorship crown from Vivo

#IPL_New_Sponsor_TATA #TATA #VIVO #IPL2022_23 #MBA_in_Jaipur #MBA_College_in_Jaipur #BBA_in_Jaipur #BBA_College_in_Jaipur #IPS_College_Jaipur #Institute_of_Professional_Studies

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