Chinese mobile manufacturer Vivo on Tuesday extended the title sponsorship contract with the lucrative Indian Premier League (IPL) by five more years, the Board of Control for Cricket in India (BCCI) announced here.
According to BCCI, Vivo bid Rs 2199 crores to renew its contract, which is a 554 percent increase over the previous contract.
"The Board of Control for Cricket in India (BCCI) today announced its association with Vivo as the title sponsor for the Indian Premier League for the next five years," said a statement from the cricket board.
-->Vivo has retained the title sponsorship right of the IPL
for a period of 5 years with a bid of Rs 2199 crore
-->The title sponsorship rights are for five years,
-->The title sponsorship rights are for five years,
starting August 1 2017 and ending on July 31, 2022
-->Vivo had bagged the IPL title sponsorship for
-->Vivo had bagged the IPL title sponsorship for
2016 and 2017 at a cost of Rs 100 crore per year
"Vivo as a brand has carved its niche and legacy in the market. We are extremely glad to have Vivo as the title sponsor and look forward to an enriching affiliation for both stakeholders," BCCI acting president CK Khanna said.
"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," added acting secretary Amitabh Choudhary.
Pepsi claimed the rights in 2013, bidding Rs 396 crore for five years.
The company had taken over from real estate group DLF, which was the tournament's maiden title sponsor from 2008 to 2012.
The annual break-up of the deal works out a nearly Rs 440 crore per year.
The Board had last month invited bids for the title sponsorship of the cash-rich and glitzy event for the period between August 1, 2017 and July 31, 2022.
VIVO had held the title rights for the 2016 and 2017 seasons. That deal was pegged at an estimated Rs 100 crore per year.
Speaking on the development, IPL chairman Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better."
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