The BCCI crossed a massive 1000 crore in IPL sponsorship for the first-time in 15 years to set a new benchmark for T20 leagues around the world.
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Board of Control For Cricket in India (BCCI) crossed a massive 1000 crore in IPL sponsorship for the first-time in 15 years to set a new benchmark for T20 leagues around the world. The organizing body of the IPL had earlier signed TATA as their new title sponsor.
The Indian cricket board also roped in RuPay and Swiggy Instamart as central sponsors for IPL and filled nine slots for sponsorship for the first time in the history of the lucrative tournament.
The board secretary Jay Shah said that the record figures are an indication of the value that IPL has.
“This clearly shows the value of IPL as a brand. We are absolutely delighted with these new sponsorship deals. This year we have clocked the highest ever sponsorship revenues. For the record for the 1st time we will be crossing the 1000 cr revenue mark from IPL Sponsorships for a single season,” BCCI Secretary Jay Shah to InsideSport.
READ MORE: IPL 2022: CSK joins MI to cross INR 100 Crores in sponsorship revenue
The new deal signed with RuPay and Swiggy for the IPL has accounted for INR 48-50 Crores per annum for the Indian cricket board. Their title sponsor TATA will pay INR 335 Crore which is lesser than the VIVO deal of INR 440 crore.
VIVO Deal: 440 Crore Per Season
TATA Motors offer 335 Crore Per Season
Deficit Per Season: 105 Crores
Total Deficit for 2 Seasons 210 Crores
According to the sources in the know of the development, the deal has been transferred in a manner that all deficit will be borne by VIVO. A report in InsideSport claims that BCCI will not only get the contracted amounts from VIVO but will also get PRO-RATA payments for the increase in the number of matches for IPL 2022 & IPL 2023.
VIVO had agreed to pay INR 484 Crores for IPL 2022 and INR 512 Crores for IPL 2023 on account of increase in the number of matches during the two forthcoming seasons.
VIVO was supposed to pay INR 996 Crores according to the report but now with TATA Group pledging just INR 670 Crores for the same period, the deficit will be borne by VIVO.
VIVO will also pay the transfer fee to the board which can help them fetch INR 600 crore from the IPL title sponsorship slot alone.
