The agreement will see the group contribute Rs 500 crore per season.
The Tata Group has successfully maintained the Indian Premier League’s (IPL) title rights through 2028, which is a significant development for the IPL. A commitment to contribute Rs 500 crore every season is part of the arrangement.
As per the guidelines mentioned in the Invitation To Tender (ITT) document, Tata would have been able to keep the IPL title rights if they had matched the highest offer from any other party.
The Aditya Birla Group’s offer, valued at Rs 2500 crore, was matched by the Tata Group. Tata Group was granted the title rights by the BCCI (Board of Control for Cricket in India).
Since 2022, when Tata acquired the rights from Vivo, they have served as the IPL’s primary sponsor. In their previous agreement, Vivo paid the remaining amount because the group had previously sublicensed the rights, with Tata Group contributing Rs 365 crore per season.
Vivo had promised to pay Rs 2199 crore and had sealed the title rights in 2018 for a five-year period. Due to the epidemic, the agreement was extended from five to six years.
IPL championship up for grabs as teams adjust
It is anticipated that the 17th IPL season will start in late March 2024. The Chennai Super Kings, captained by MS Dhoni, won the 2023 edition following an outstanding campaign in which they overcame the Gujarat Titans in an exciting match that went right down to the wire.
In addition, the teams have assembled a roster full of elite players after the forthcoming edition’s auction was concluded, and supporters are eager to see who will win the title in 2024.
The 17th edition of the competition promises to be an exciting one, with MS Dhoni returning for a second season and Hardik Pandya taking over as captain of the Mumbai Indians from Rohit Sharma.