Tata Group managed to retain the prized Indian Premier League (IPL) title rights for the next five years (2024-28) after matching Aditya Birla Group’s highest bid of ₹2500 crores ( ₹500 crores per year).
“Tata decided to exercise the right-to-match as laid down in the tender document,” an IPL official aware of developments said.
Tata Group Retain The Rights For 5 Years
ABG was the only company to bid for the rights. Industry experts believe the right-to-match clause may have led to a lack of interest in the bidding process, with Tata Group keen to continue at the right price. BCCI officials, however, are known to be happy that the rights have stayed with a reputed business house.
BCCI Was Not Happy With The Old Ones
The Vivo experience did not go down well with the Indian board after the Chinese smartphone makers had to pull out as title sponsors before IPL 2020 following growing anti-Chinese sentiments within the country. Vivo pushed the IPL title rights valuation up to ₹440 crore per year with their winning bid for the 2018-22 cycle. BCCI had to temporarily hand out rights to Dream 11 at half the price for a year.
Tata Paying Rights Of More Than 50 Percent
Tata Group is paying the BCCI approximately 50 percent more than the last contract. But at a comparative level with what Vivo paid, this accounts for a 14 percent increase. With IPL’s broadcast rights ( ₹9,600 crore annually) paying most of the bills, a BCCI official said, they are happy that ‘Tata and Birla put in bids and could lock a long-term sponsorship deal.
The rest of the sponsorship slots are also up for renewal. Last year, the BCCI made a total of ₹1000 crore annually from title and central sponsorships.