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The Tata Group has successfully secured the title rights for the Indian Premier League (IPL), extending the deal until 2028. The renewed agreement involves an annual commitment of INR 500 crore for the next five years.
Following the Invitation To Tender (ITT) document, Tata had the right to match any competing offer from another corporate entity. Opting to exercise this provision, the group matched the INR 2500 crore valuation presented by the Aditya Birla Group. The Board of Control for Cricket in India (BCCI) officially endorsed this decision on Friday.
Tata initially acquired the IPL title rights in 2022 by sub-licensing it from Vivo. The smartphone company had sought to withdraw from the deal, citing various reasons, with its Chinese connections being a factor. Vivo secured the rights starting with the 2018 season, committing to pay INR 2199 crore for an initially planned five-year period, later extended to six years due to the pandemic.
TATA retains IPL title rights until 2028 for INR 2500 crores
Facing challenges amid diplomatic tensions between India and China, the Tata Group stepped in during 2022, agreeing to contribute INR 365 crore per season, with Vivo covering the remaining value. Following the successful conclusion of this arrangement, the BCCI granted Tata the right to match any new offers, leading to their decision to match the Aditya Birla Group’s bid of INR 2500 crore for the next five years.
The BCCI had imposed stringent conditions for prospective bidders, explicitly stating its unwillingness to entertain bids from Chinese companies or brands due to diplomatic considerations. The ITT document outlined that bidders must not be incorporated in a jurisdiction with which India does not have friendly relations. This condition aims to prevent associations with firms from countries lacking amicable ties with India.
The particular clause in the ITT says, “Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation. In the event, any corporate(s) which is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations, the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as a material obligations.”
The reserve price for the IPL title rights was set at INR 365 crore, reflecting the amount Tata paid each year for the last two seasons.
Also read: BCCI Sets Strict Criteria for IPL 2024 Title Sponsorship, May Exclude Chinese Brands
Following the Invitation To Tender (ITT) document, Tata had the right to match any competing offer from another corporate entity. Opting to exercise this provision, the group matched the INR 2500 crore valuation presented by the Aditya Birla Group. The Board of Control for Cricket in India (BCCI) officially endorsed this decision on Friday.
Tata initially acquired the IPL title rights in 2022 by sub-licensing it from Vivo. The smartphone company had sought to withdraw from the deal, citing various reasons, with its Chinese connections being a factor. Vivo secured the rights starting with the 2018 season, committing to pay INR 2199 crore for an initially planned five-year period, later extended to six years due to the pandemic.
TATA retains IPL title rights until 2028 for INR 2500 crores
Facing challenges amid diplomatic tensions between India and China, the Tata Group stepped in during 2022, agreeing to contribute INR 365 crore per season, with Vivo covering the remaining value. Following the successful conclusion of this arrangement, the BCCI granted Tata the right to match any new offers, leading to their decision to match the Aditya Birla Group’s bid of INR 2500 crore for the next five years.
The BCCI had imposed stringent conditions for prospective bidders, explicitly stating its unwillingness to entertain bids from Chinese companies or brands due to diplomatic considerations. The ITT document outlined that bidders must not be incorporated in a jurisdiction with which India does not have friendly relations. This condition aims to prevent associations with firms from countries lacking amicable ties with India.
The particular clause in the ITT says, “Each bidder which is a corporate entity must not be incorporated in a jurisdiction/territory with which India does not have a friendly relation. In the event, any corporate(s) which is a shareholder or a proposed shareholder in the Bidder is incorporated in a jurisdiction/territory with which India does not have friendly relations, the Bidder will be required to provide a detailed chart of the shareholding in such Bidder or it ultimate Parent Company and the details of ultimate owners/beneficiaries of all shareholders which are body corporate in such Bidder or its ultimate Parent Company along with the Bid Documents as a material obligations.”
The reserve price for the IPL title rights was set at INR 365 crore, reflecting the amount Tata paid each year for the last two seasons.
Also read: BCCI Sets Strict Criteria for IPL 2024 Title Sponsorship, May Exclude Chinese Brands