Tata Sons matches Aditya Birla Group's bid, secures IPL title sponsorship rights until 2028
Tata Sons, that secured the title sponsorship of the IPL in 2022, acquiring the two-year rights for a sum of Rs 670 crore will now be paying Rs500 crore annually.
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Looks like the Aditya Birla Group’s dream to leverage the IPL (Indian Premier League) for strategic business growth and increased market relevance is not coming true anytime soon.
Tata Sons has reportedly retained the title sponsorship rights of the cricket league from 2024 to 2028 by matching Aditya Birla Group's bid, of Rs 500 crore annually, amounting to a total of Rs 2500 crore.
BCCI announced tender for IPL title sponsor rights for 2024-2028 in December 2023.
According to BCCI (Board of Control for Cricket in India) sponsorship guidelines, highest bid submitted by the parties are subject to Tata Sons Private Limited exercising its ‘Right to Match’, wherein BCCI is required to notify Tata of the highest bid amount (highest bid) received for the Title Sponsorship Rights.
Consequently, Tata has the right (but not an obligation) to match the highest bid within five working days of date of opening of the financial bids and notify its intent to BCCI.
In the event, Tata exercises its right to match the highest bid, then BCCI is obligated to grant the title sponsorship rights for the rights period to Tata.
Tata Sons secured the title sponsorship of the IPL in 2022, acquiring the two-year rights for a sum of Rs 670 crore.
