Tata IPL 2022: Vivo pulled out of IPL title sponsorship, Tata Group set to replace in IPL 2022
Tata IPL 2022: Vivo pulled out of IPL title sponsorship, Tata Group set to replace in IPL 2022.
Tata IPL 2022: Chinese smartphone manufacturer company, Vivo, has finally decided to pull out of the Indian Premier League?s title sponsorship. The decision was made public during the Indian Premier League (IPL) Governing Council (GC) meeting held on January 11th.
Vivo acquired the title sponsorship rights of the lucrative IPL back in 2018 for a massive INR 440 Crores. The five years massive agreement with the BCCI was set to run until the end of IPL 2022.?
The border standoff between India and China, last year and the political tension between the two countries pushed Vivo into the back foot and forced to withdraw from its IPL sponsorship deal.?
The rights of the IPL 2020 were transferred to Dream11 owing to the rising political tension between India and China, however, Vivo was brought back as the title sponsor in the recently concluded IPL 2021.
Since the Galwan Valley clash, anti-china sentiments begin to flow in India which to a large extent disrupted the business model of various Chinese Brands.?
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It has been reported that Vivo had earlier made an official request to the BCCI to terminate the five years deal with one year remaining. The decision was approved by the board officials on January 11th in IPL?s GC meet.
"There was a request from Vivo to exit the IPL sponsorship deal and the GC has approved it,? said a BCCI official who was the part of the IPL Governing Council meeting on January 11th.
In another important development, Tata?s will now be the title sponsor of the IPL 2022. The official rights have been transferred to one of India?s biggest corporate giants. The Tata group will remain as the title sponsor until the end of the IPL 2023.
"Vivo has exited and the Tatas will be title sponsors," chairman of the league Brijesh Patel confirmed.
The BCCI would continue to earn the same amount that it used to receive from the Chinese smartphone manufacturer Vivo. The biggest T20 tournament of the world will now be called the ?Tata IPL.?
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