Vivo retains IPL title rights for INR 2199 crores
Ruffin RemadCorrespondent
Posted - 2017-06-28T09:19:09+06:00
Updated - 2017-06-28T12:37:36+06:00
Vivo, a Chinese mobile handset manufacturer, has retained the Indian Premier League title sponsorship rights for the next five IPL seasons (2018-2022) with a massive bid of INR 2199 crores (approx. $341 million). It has increased by 454% from the previous contract.
Vivo took over the rights in 2015 (after IPL season) from Pepsico India and continued in 2016 and 2017 seasons with a bid of INR 100 crores per year. From 2018, they will give 439.8 crore rupees for each year.
"When an existing sponsor renews [the contract] and puts in a number like this, then it's a real testimony to the value of this property [IPL]. There are two things: firstly, the preeminence of the IPL as one of the finest global sports properties [is established]. It is unparalleled. If you saw this year's IPL numbers, they were the highest ever. It is a property which continues to grow year after year, and that's what we are seeing," BCCI CEO Rahul Johri.
"Secondly, Vivo, which was already a sponsor for the last two years, putting in this number, that really shows that they are fully aware of the value of this commitment."
The IPL season of 2018 is expected to be of ten teams which will start in April.
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