Sun. Jul 14th, 2024

The Tata Group has recently obtained the rights to the Indian Premier League(IPL for the next five years ,from 2024 to 2028.This extension shows their ongoing partnership with the profitable league ,as they have pledged an unprecedented sum of Rs2500 crore. Tis decision comes after the Tata Group took over sponsership from vivo in 2022, which occured during a period of strained relations between India and China.

The BCCI has announced on Saturday that the TATA Group has been awarded the title sponsorship rights for the Indian Premier League(IPL) for a duration of five years. The Indian conglomerate, known for its various businesses, has extended its partnership with the BCCI for a remarkable amount of INR 2500 crore, making it the largest sponsorship amount ever in the league’s history in India, as stated by the BCCI.

The BCCI established strict requirements for potential bidders, specifically excluding companies from regions with strained relations with India. This decision effectively eliminated Chinese companies, such as Vivo, from participating. Furthermore, the BCCI prohibited companies involved in fantasy gaming, sportswear, cryptocurrency, betting, gambling, and alcohol products from entering the bidding process. Aditya Birla Group emerged as a major competitor by submitting a single bid before the January 12 deadline.

The brand value of IPL

In the recent sponsorship agreement IPL chairman Arun Singh Dhumal highlighted the growing value of IPL . In 2022, the IPL ranked as the second most valuable sporting league worldwide for broadcasting rights, just behind the National Football League (NFL) in the United States. During the same year, the IPL set a new record for media rights, with Viacom18 securing digital rights and Disney Star winning TV rights. These impressive figures demonstrate the financial interest and value associated with the IPL, making it one of the most lucrative and popular cricket leagues globally. The collaboration with TATA Group for the title sponsorship of IPL 2024-28 is a significant milestone, with TATA Group’s record-breaking sum of INR 2500 crore showcasing the IPL’s immense value and appeal in the world of sports. This unprecedented amount not only sets a new benchmark for 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 commendable, and together, they aim to reach new heights and provide fans with unparalleled cricketing entertainment.

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