VIVO Shells Out Rs 2199 Crore For IPL Title Sponsorship Rights
Chinese mobile company VIVO has bagged the rights.
advertisement
Companies paid Rs 3 lakh just to buy the application form, so it’s no surprise that VIVO has broken all previous records in their successful bid for the title sponsorship of the Indian Premier League.
Disclosed to be a massive Rs 2199 crore, VIVO now hold the title rights for the IPL for a five year span from 2018 to 2022.
The BCCI had last month invited bids for the title sponsorship of the cash-rich and glitzy event for the period between August 1, 2017 and July 31, 2022.
VIVO had held the title rights for the 2016 and 2017 seasons. 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 1430 crore.
Vivo had taken over from soft drink giants Pepsi in 2014 -15. Pepsi claimed the rights in 2013, bidding Rs 396 crore 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.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)