IPL's title sponsor Vivo is reportedly set to pull out of their deal, this time for good, according to Cricbuzz.
Tata Group though is set to take over as the new sponsor of IPL, it was decided in the BCCI's Governing Council meeting on Tuesday, the website added.
"Vivo has exited and the Tatas will be title sponsors," the IPL chairman told Cricbuzz confirming the development.
Vivo, the Chinese phone manufacturers had suspended their sponsorship of the T20 tournament in 2020 as well, following border tensions between India and China. Back then, Dream 11 had come on board, shelling out Rs 222 crore for the season.
Vivo though returned as the IPL sponsor for the 2021 season that was played in the UAE, however, they have once again pulled out of their commitment with two more seasons left in their five year deal that was costing them Rs 439.8 crore a year.
The Tata Group is now understood be stepping in for the remainder of the original contract's duration - for 2022 and 2023 seasons.
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