In what can be the highest deal for title rights ever, the rights of Indian Premier League (IPL) have been sold for a whopping Rs 2199 Crore for a period of 5 years. Chinese mobile phone company Vivo Electronics Corp. has signed a deal for the Title Sponsor of the IPL. With this, Vivo’s IPL title sponsorship deal translates to Rs 440 Crore a year. The deal commences from 2018 and it was last till 2022.
This is considered as highest sponsorship deal. Earlier Barclays had paid Rs 330 Crore per year for English Premier League between 2013-16.
Vivo is paying significantly higher than what PepsiCo. India Holdings Pvt Ltd had agreed to pay for the Title Sponsorship of the Twenty20 Cricket League. PepsiCo then agreed to pay close to Rs 400 Crore over five years. But due to unknown reasons, PepsiCo terminated the deal in 2015. This was two years after IPL embroiled in the betting controversy in 2013. In interim, Vivo stepped in and bought the title rights for 2016, 2017 for just Rs 180 Crore.
On other hand, the popular football league is being sponsored by Mondelez International Inc., however, the financial details of this deal have not been made public. Thus, the deal of Vivo IPL for 2199 Crore for 5 years has become the highest deal and thus in turn IPL has become sort of World’s Richest Sports League.
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