Tata Group secures IPL Title sponsorship extension until 2028 with historic Rs 2500 crore deal
source: google
The Tata Group has successfully retained the title rights for the Indian Premier League (IPL), by extending the deal until 2028. The Indian Cricket Board said Tata Group renewed its association with the league for a record-breaking sum of Rs 2500 crore.
Tata Group secured the Indian Premier League (IPL) title rights for the next five years (2024-28), renewing their association with the cash-rich league for a record-breaking sum of Rs 2500 crore. This development comes after Tata Group initially took over the sponsorship from Vivo in 2022, amidst political tensions between India and China.
According to the tender released on December 12, the Indian Cricket Board set the base price for the five-year rights at Rs 1750 crore, translating to Rs 350 crore per year for 74 matches.
Until January 12, the deadline for bid submissions, ABG was the only bidder. As part of the agreement between the Indian Cricket Board and Tata Sons, the conglomerate had the privilege to match any successful bid.
TATA Group’s IPL Title Sponsorship: A global milestone
“We are elated to announce the partnership with the TATA Group as the Title Sponsors of the IPL. The league has transcended borders, captivating audiences worldwide with its unmatched blend of skill, excitement, and entertainment. Similarly, the TATA Group, rooted in India, has emerged as a symbol of excellence, making its mark across diverse global sectors,” said Jay Shah, Honorary Secretary of the Indian Cricket Board.
Jay Shah said Tata’s collaboration with IPL embodies the spirit of growth, innovation, and a mutual dedication to excellence.
“The unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international sports stage,” he said.
IPL has attained decacorn status, witnessing a remarkable 28% surge in its combined brand value to reach $10.7 billion, as reported by Brand Finance. Furthermore, the overall brand value of the IPL system has experienced an impressive 433% increase since its inception in 2008. Arun Dhumal, chairman of IPL, had said the cash-rich league’s media rights value may reach a staggering $50 billion in the next 20 years.
“The collaboration with TATA Group for the title sponsorship of IPL 2024-28 is a significant milestone in IPL’s journey. The record-breaking sum of INR 2500 crore by TATA Group is a testament to the immense value and appeal that the IPL holds in the world of sports,” said Arun Singh Dhumal. The TATA Group’s dedication to cricket and sports is truly praiseworthy, and we anticipate achieving new milestones together, delivering unmatched cricketing entertainment to fans, Dhumal said.
