Tata IPL 2024 , TATA group rights till 2028.
The Tata Group has secured the title rights for the Indian Premier League (IPL) for the next five years, extending the deal until 2028. As part of the agreement, they have committed to contributing Rs 500 crore per season. Now ipl season 2024 will be called as TATA IPL 2024.
According to the terms outlined in the Invitation To Tender (ITT) document, Tata had the option to match any competitive offer made by another corporate entity. In adherence to this provision, the group has chosen to match the valuation of Rs 2500 crore presented by the Aditya Birla Group. The Board of Control for Cricket in India (BCCI) finalized this decision on Friday.
In 2022, the Tata’s acquired the IPL rights after sub-licensing them from Vivo. Vivo, the previous holder, sought to withdraw from the deal for various reasons, including concerns related to its Chinese connections.
Vivo initially secured the rights for the 2018 season for a planned five-year period, committing to pay Rs 2199 crore, with the exit value in the final year set at Rs 512 crore. However, the deal extended to six years due to a one-year pause during the pandemic.
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When the IPL-Vivo deal faced challenges amid diplomatic tensions between India and China, the Tata Group stepped in during 2022, agreeing to contribute Rs 365 crore per season, with Vivo covering the remaining value. Following the successful conclusion of this arrangement, the BCCI granted the Tata Group the right to match any new offers. Consequently, the Tatas have now agreed to match the Aditya Birla Group’s bid of Rs 2500 crore for a five-year term.
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