Rs 2,199 cr IPL title sponsorship for 5 years

New Delhi, June 27

Mobile manufacturers Vivo retained the Indian Premier League’s title sponsorship for the next five years with a whopping Rs 2,199 crore bid, a mammoth 554 per cent more than the previous contract. 

“The smartphone manufacturer bid Rs. 2199 crores, which is a 554 per cent increase over the previous contract. In the upcoming five IPL seasons (2018-2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns,” the BCCI said in a statement.

The annual break-up of the deal works out a nearly Rs 440 crore per year. The Board had last month invited bids for the title sponsorship of the tournament for the period between August 1, 2017 and July 31, 2022. 

Vivo had held the title rights for the 2016 and 2017 seasons also. That deal was pegged at an estimated Rs 100 crore per year. For the renewed contract, Vivo beat another mobile manufacturer, Oppo, which had reportedly bid Rs 1,430 crore. Vivo had taken over from soft drink giants Pepsi in 2014 -15. Pepsi claimed the rights in 2013, bidding Rs 396cr for five years.

The company had taken over from real estate group, DLF, which was the tournament’s maiden title sponsor from 2008 to 2012. — PTI