(Image Source: PTI)
[Saba Sports News] In a significant move for the Indian Premier League (IPL), the Tata Group has extended its hold on the IPL title rights until 2028. This deal includes a substantial commitment of Rs 500 crore each season. The extension became possible following the guidelines in the Invitation To Tender (ITT) document, which allowed Tata to retain the title rights by matching the highest bid from any competitor.
Matching the Aditya Birla Group’s offer of Rs 2500 crore valuation, Tata Group secured the title rights, a decision endorsed by the Board of Control for Cricket in India (BCCI). Since 2022, Tata has been the IPL’s title sponsor, taking over from Vivo. Their previous arrangement involved a contribution of Rs 365 crore per season, with Vivo compensating for the balance as they had initially sub-licensed the rights.
Vivo’s original agreement in 2018 was for a five-year term, pledging Rs 2199 crore, but due to the pandemic, it extended to six years. As preparations for the 17th IPL edition, starting in late March 2024, are underway, teams are gearing up following the completion of the auction. The 2023 edition saw MS Dhoni’s Chennai Super Kings clinching the title in a nail-biting finale against the Gujarat Titans.
Fans are eagerly anticipating the 2024 season, especially with notable developments like Hardik Pandya taking over Mumbai Indians’ captaincy from Rohit Sharma and MS Dhoni’s return for another season, promising yet another exhilarating tournament.