Posted by The Tata Group has successfully secured the title rights for the Indian Premier League (IPL), extending their position until 2028 by committing INR 500 crore per season. The agreement, based on the terms outlined in the Invitation To Tender (ITT) document, granted Tata the privilege to match any competing offer. In adherence to this provision, the group has chosen to match the Aditya Birla Group’s valuation of INR 2500 crore, a decision made by the Board of Control for Cricket in India (BCCI) on Friday.
In 2022, the Tatas acquired the IPL rights from Vivo, the smartphone company that sought to withdraw due to various reasons, including its Chinese connections. Initially secured by Vivo for a planned five-year period starting in 2018, the deal was extended to six years due to a pandemic-related pause. Facing challenges amid diplomatic tensions, the Tata Group stepped in during 2022, contributing INR 365 crore per season, with Vivo covering the remaining value.
Following the successful arrangement, the BCCI granted Tata the right to match new offers, leading to their agreement to match Aditya Birla Group’s INR 2500 crore bid for a five-year term. As of December 26, Cricbuzz reported that the BCCI imposed stringent conditions, notably excluding bids from Chinese companies. This decision, influenced by the IPL-Vivo challenges, is outlined in the ITT clause, ensuring that corporate entities bidding for IPL rights are incorporated in jurisdictions with friendly relations with India.
The reserve price for the rights stood at INR 365 crore, mirroring the amount paid by the Tata Group in the last two seasons. This strategic move positions the Tata Group at the forefront, aiming for prime visibility on browser result pages.
https://www.cricbuzz.com/cricket-news/129191/tata-retain-ipl-title-rights-until-2028