Tata has received the rights for for 5 years.
The TATA Group earlier held the title sponsorship rights for the IPL in 2022 and 2023, paying Rs 670 crore for the two-year rights. Tata can also be the title sponsor of the Girls’s Premier League, the most important girls’s T20 league globally.
Tata retained title sponsorship rights from 2024 to 2028 by matching Aditya Birla Group’s (ABG) bid, sources had informed ET earlier. Aditya Birla Group and Tata Sons had been the one firms in rivalry for the title sponsorship rights of IPL.
This comes after business insiders linked muted curiosity in IPL title sponsorship rights to the inclusion of the right-to-match clause, which had prompted confusion amongst a number of potential bidders.
In accordance with the tender launched on December 12, the BCCI set the bottom value for the five-year rights at Rs 1750 crore, translating to Rs 350 crore per yr for 74 matches.Till January 12, the deadline for bid submissions, ABG was the one bidder. As a part of the settlement between BCCI and Tata Sons, the conglomerate had the privilege to match any profitable bid.The BCCI instructed that bidders contemplate making use of for 84 and 94 matches at base costs of Rs 375 crore and Rs 400 crore, respectively.
“We’re elated to announce the partnership with the TATA Group because the Title Sponsors of the IPL. The league has transcended borders, charming audiences worldwide with its unmatched mix of ability, pleasure, and leisure. Equally, the TATA Group, rooted in India, has emerged as an emblem of excellence, making its mark throughout numerous world sectors,” mentioned Jay Shah, Honorary Secretary of BCCI.
Jay Shah mentioned Tata’s collaboration with IPL embodies the spirit of progress, innovation, and a mutual dedication to excellence.
“The unprecedented monetary dedication displays the immense scale and world affect of the IPL on the worldwide sports activities stage,” he mentioned.
IPL has attained decacorn standing, witnessing a exceptional 28% surge in its mixed model worth to succeed in $10.7 billion, as reported by Model Finance. Moreover, the general model worth of the IPL system has skilled a formidable 433% improve since its inception in 2008.
Arun Dhumal, chairman of the Indian Premier League (IPL), had mentioned the cash-rich league’s media rights worth could attain a staggering $50 billion within the subsequent 20 years.
Tata Sons assumed the position of IPL title sponsor following Vivo’s withdrawal from the deal amid the backlash towards Chinese language manufacturers attributable to border tensions.
DLF, Pepsi, Vivo, and Dream11 have beforehand held these rights, with the annual worth rising from Rs 40 crore, paid by DLF for 2008–12, to Rs 440 crore per yr, as provided by Vivo for 2018–19.
“The collaboration with TATA Group for the title sponsorship of IPL 2024-28 is a big milestone in IPL’s journey. The record-breaking sum of INR 2500 crore by TATA Group is a testomony to the immense worth and attraction that the IPL holds on this planet of sports activities,” mentioned Arun Singh Dhumal.
This exceptional sum not solely establishes a historic benchmark within the league’s historical past but additionally underscores the IPL’s standing as a premier sporting occasion with worldwide affect, he mentioned.
The TATA Group’s dedication to cricket and sports activities is really praiseworthy, and we anticipate attaining new milestones collectively, delivering unmatched cricketing leisure to followers, Dhumal mentioned.
