Vivo has retained the IPL rights for the next five years with a whopping amount of Rs 440 crore per annum. A total bid of Rs 2,199 crore rupees for the five-year cycle. The amount is at a 267% premium over the base price of Rs 120 crore that was set by BCCI.
This is the biggest sponsorship deal in the history of any sport in India.
Vivo held the rights for the 9th and 10th edition of IPL, estimated somewhere at Rs 95 crore per annum. The BCCI fixed the base price at Rs 120 crore for the next five-year cycle.
While Vivo sealed the deal, another mobile phone manufacturing company — Oppo, Vivo’s sister concern – was the next bidder at Rs 1,430 crore.
The official announcement was made on the twitter handle of IPL with the following tweet:
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) 27 June 2017
Commenting on the occasion, IPL chairman Rajeev Shukla said, “We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better.”
Insidesport earlier reported that Vivo’s aggression for the IPL rights is driven by brand’s strong faith in sports-driven marketing strategy. Apart from the Indian Premier League, the mobile company has also acquired the title sponsorship of the Pro-Kabaddi League for a period of five years.
Read more: Vivo to go all out for retaining rights