Today, Chinese Mobile manufacturer, VIVO retained the title sponsorship rights for next five seasons of Indian Premier League i.e., from IPL 2018 to IPL 2022.
VIVO retained the IPL title sponsorship rights with a winning bid of Rs. 2199 Crores (approximately US $341 million), a 455% increase over the previous contract.
VIVO first bagged the title sponsorship in October 2015 for two editions from PepsiCo India, who had ended its five-year contract, worth INR 396 crore, two years ahead of schedule. Vivo’s previous arrangement, according to BCCI CEO Rahul Johri, saw them pay “a shade less” than INR 100 crore per year.
The base price for this cycle of title rights was set at 15% more than what Vivo paid last year and the company edged out the only other bid of INR 1430 crore from Oppo, another smartphone manufacturer.
IPL’s first-ever title rights deal for a period of five years from IPL 2008 to IPL 2013 was signed by DFL for Rs. 200 Crores.
“We received an overwhelming response for the title sponsorship rights and we are glad to have Vivo back on board. It is a renewal of a fruitful relationship with the brand that will extend for the next five years,” BCCI’s acting secretary Amitabh Choudhary said.