Tata Group remains IPL title sponsor for five upcoming seasons
Reports confirm the conglomerate exercised the 'right to match' for the 2024-2028 period, incurring a cost of Rs 2,500 crore, as per sources familiar with the matter
sociapanews Staff
In a recent development, media reports have confirmed that the Tata Group has successfully retained its IPL title rights for the upcoming five seasons.
The conglomerate exercised its 'right to match' for the period spanning 2024-2028, committing a substantial Rs 2,500 crore (Rs 500 crore annually), according to sources.
This move puts Tata on equal footing with the Aditya Birla Group, who also submitted a bid for the prestigious title rights.
Notably, Tata Sons had previously paid Rs 670 crore for the title rights in the last two IPL seasons. At the beginning of the year, the Board of Control for Cricket in India (BCCI) had set the IPL title sponsorship rights at Rs 350 crore per year for 74 matches.
Reports suggest that the IPL media rights for five years were valued at Rs 1,750 crore. Additionally, the BCCI invited bids for 84 and 94 matches at base prices of Rs 375 crore and Rs 400 crore, respectively, with the final bid determined by the aggregate value of 74 matches, as indicated in earlier reports.
In a separate development on January 18, the BCCI issued an invitation for bids to acquire the rights and responsibilities for staging the Opening Ceremony of the Indian Premier League - Season 2024. The bidding process is expected to bring forth exciting prospects for potential event organizers.
