In a major development for the Indian Premier League (IPL), The Tata Group has successfully retained the title rights for the IPL until 2028. The agreement involves a commitment to contribute Rs 500 crore per season.
According to the rules in the Invitation To Tender (ITT) document, Tata could have retained the title rights to the IPL if they had matched the highest offer made by any other entity.
The Tata Group matched the offer made by Aditya Birla Group of Rs 2500 crore valuation. The BCCI (Board of Control for Cricket in India) made the decision to hand Tata Group the title rights.
Tata has been the title sponsor of the IPL since 2022 when they took the rights from Vivo. Their earlier deal saw Tata Group contributing Rs 365 crore per season, with Vivo covering the remaining value as the group had earlier sub-licensed the rights.
Vivo had sealed the title rights in 2018 for an initially planned five-year period, committing to pay Rs 2199 crore. However, the deal ran for six years instead of five due to the pandemic.
IPL title up for grabs as teams settle in
The 17th edition of the IPL is expected to begin in the latter stages of March 2024. The 2023 edition was won by MS Dhoni-led Chennai Super Kings after a brilliant campaign where they defeated Gujarat Titans in a thrilling clash that went down to the wire.
Furthermore, with the auction of the upcoming edition completed, the various sides have filled their squads with a plethora of star players and fans are anxious to know who will lift the title in 2024.
With Hardik Pandya taking the reins of Mumbai Indians from Rohit Sharma to MS Dhoni returning for yet another season, the 17th edition of the tournament is set to be a thrilling affair.