Latest news : Chinese handset maker Vivo has successfully retained the title sponsorship to the cash-rich twenty-20 tournament, the Indian Premier League (IPL). The company will pay the Board of Control for Cricket in India (BCCI) a total of Rs 2,199 crore over the next five years.
The next closest bid was made by Oppo at Rs 1,432 crore for five years. Currently, Oppo holds the Team India sponsorship rights and, interestingly, both Vivo and Oppo are part of the same parent group. The base price for bidding was Rs 600 crore for five years, or Rs 120 crore per year.
The new title sponsorship rate is a huge mark-up over what Vivo was paying the BCCI since 2016. The Chinese handset maker came in as the title sponsor in 2016 after global beverage giant Pepsi pulled out of its five-year deal with the BCCI citing the match fixing and betting scam the governing body of cricket and the annual T-20 tournament found themselves embroiled in. While Pepsi was to pay the BCCI Rs 396 crore over five years, Vivo picked up the two-year title sponsorship stint at Rs 200 crore, or Rs 100 crore a year.