The Tata Group has effectively secured the naming rights for the Indian Premier League (IPL) once again, as they have extended their agreement until 2028. The Board of Control for Cricket in India (BCCI) has announced that the Tata Group has renewed its partnership with the league for an unprecedented amount of Rs 2500 crore.
The Tata Group has extended its partnership with the Indian Premier League (IPL) as the title sponsor until 2028. In order to secure this agreement for the next five-year cycle (2024-2028), the Tata Group has paid a staggering amount of Rs 2500 crore. This comes after the Tata Group took over the sponsorship from Vivo in 2022, during a period of political strain between India and China. The continuation of this association between the Tata Group and the IPL highlights the strong bond between the two entities.
In a statement, the BCCI announced that the title sponsorship rights for the Indian Premier League have been granted to TATA Group for a duration of five years. The BCCI expressed its delight in renewing its partnership with the Indian conglomerate, which boasts a wide range of business sectors. The association has been renewed at an unprecedented value of INR 2500 crore, marking the highest sponsorship amount ever recorded in the league’s history.
TATA Group held the prestigious position of being the title sponsor for the IPL in both 2022 and 2023. Additionally, this Indian conglomerate proudly serves as the title sponsor for the Women’s Premier League.
The BCCI, or Board of Control for Cricket in India, has set strict conditions for potential bidders, which includes excluding companies from countries with which India has strained relations. This effectively disqualified Chinese companies like Vivo from participating in the bid. Additionally, companies associated with fantasy gaming, sportswear, cryptocurrency, betting, gambling, and alcohol products were also barred from the bidding process. Aditya Birla Group emerged as a strong contender by submitting a solo bid before the January 12 deadline.
In response to the historic sponsorship deal, IPL chairman Arun Singh Dhumal expressed that it highlights the increasing value of the IPL. The IPL was rated as the second most valuable sporting league in the world in terms of per match value for broadcasting rights, only behind the National Football League (NFL) of the USA.
The IPL media rights were sold for a record-breaking amount in 2022. Viacom18 secured the digital rights for an impressive Rs 23,758 crore, slightly higher than Disney Star’s winning bid of Rs 23,575 crore for TV rights.
Dhumal stated, “The collaboration with TATA Group for the title sponsorship of IPL 2024-28 is a significant milestone in IPL’s journey. The record-breaking sum of INR 2500 crore by TATA Group is a testament to the immense value and appeal that the IPL holds in the world of sports. This unprecedented amount not only sets a new benchmark in the league’s history but also reaffirms the IPL’s position as a premier sporting event with global impact. TATA Group’s commitment to cricket and sports is truly commendable, and we look forward to achieving new heights together and providing fans with unparalleled cricketing entertainment.”
According to reports, Tata Sons matched Aditya Birla Group’s offer, securing their position as the IPL’s title sponsor until 2028. Despite initial concerns, the BCCI’s tender process for the five-year sponsorship deal attracted reputable bidders due to the global stature of the IPL. Version 1: Despite the sponsorship tender not receiving an overwhelmingly positive response, the IPL, scheduled to make a comeback in March 2024 for its 17th season, remains a highly profitable and prestigious cricket league worldwide. With the esteemed Tata Group as the title sponsor, the league is well-positioned to uphold its tradition of delivering exceptional cricketing excitement.