The Tata Group has retained the title rights of the Indian Premier League (IPL), matching the competitive offer of Rs 500 crore per year made by the Aditya Birla group last week. In a statement on Saturday, the Board of Control for Cricket in India (BCCI) said the Tata group had extended its sponsorship for another five years, starting 2024, for Rs 2,500 crore. This made it the “highest-ever sponsorship amount in the league’s history”, ahead of Vivo’s five-year sponsorship commitment of Rs 2,199 crore in 2018 (Rs 440 crore per year).
The BCCI had set a base price of Rs 1,750 crore for 74 matches over five years for the IPL title rights, which works out to Rs 350 crore per year. This implies that the Tata group is paying nearly 43% more than the base price set by the board.
When compared with the amount of Rs 670 crore for IPL title rights that the Tata group paid in 2022 and 2023, which is Rs 335 crore per year, the group is paying nearly 50% more annually in the 2024-28 season, experts tracking the IPL said.
The T20 league has emerged as a decacorn, with a brand value of $10.7 billion in 2023, valuation firm Brand Finance said last month, 28% higher than 2022.
“We are elated to announce the partnership with the Tata group as the title sponsors of the IPL. The league has transcended borders, captivating audiences worldwide,” BCCI secretary Jay Shah said. “The collaboration with the Tata group for the title sponsorship of IPL 2024-28 is a significant milestone in IPL’s journey,” IPL chairman Arun Singh Dhumal said, adding, “The record-breaking sum of Rs 2,500 crore by the Tata group is a testament to the immense value of the IPL.”
The Tata group had stepped in as the IPL title sponsors in 2022 for two years after Vivo, which is a Chinese smartphone company, decided to terminate its IPL contract mid-way. Vivo had first temporarily paused its sponsorship of the IPL in 2020 following the attack on Indian soldiers by Chinese forces in Ladakh. At that time Dream11 had stepped in for a year as the IPL title sponsor with a winning bid of Rs 222 crore. While Vivo came back in 2021 as the IPL title sponsor, it opted out the following year, paving the way for the Tata group as the title sponsor for two years.
The BCCI had included a right-to-match clause in its Invitation to Tender document in favour of the Tata group for the IPL title rights for the 2024-28 period, forcing prospective bidders to go slow with the bidding process.
The Aditya Birla group was the only company to have put in a bid for the IPL title rights, which was matched by the Tata group on Friday, the last day to do so.