VIVO, Chinese based mobile manufacturer retains the title sponsorship of Indian Premier League for next 5 seasons. They earned it after the massive bid of Rs. 2199 Crores, which means they bought the rights for Rs. 439.8 crores per year in these five IPL seasons contract.
VIVO hold the title sponsorship for last two IPL seasons, as they bought two years rights for INR 396 crores in 2015. This time they have spent 554% more than their previous contracts to keep the title rights with them.
The base price for these 5 years title rights was set at 15% more than the previous year and VIVO and OPPO are the lead bidders for it. OPPO bagged the sponsorship rights of the Indian team in March earlier this year, gave a tough fight to VIVO in IPL Title Sponsorship too.
The two mobile manufacturing companies were only bidders who participated in Tuesday’s bid. IPL Chairman Rajiv Shukla and BCCI’s acting secretary Amitabh Choudhury were opened the bids in front of both parties in Mumbai on Tuesday.
“We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years,” IPL Chairman Rajeev Shukla said.
“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, ” he added.
“There are two things: firstly, the preeminence of the IPL as one of the finest global sports properties [is established]. It is unparalleled. If you saw this year’s IPL numbers, they were the highest ever. It is a property which continues to grow year after year, and that’s what we are seeing . Secondly, VIVO, which was already a sponsor for the last two years, putting in this number, that really shows that they are fully aware of the value of this commitment,” BCCI CEO Rahul Johri said.
He also added “When an existing sponsor renews and puts in a number like this, then it’s a real testimony to the value of this property.”
BCCI Acting secretary Amitabh Choudhary said, “We received an overwhelming response for the title sponsorship rights and we are glad to have Vivo back on board. It is a renewal of a fruitful relationship with the brand that will extend for the next five years.”
Intex and Xiaomi, other two mobile handset manufacturers had picked up the tender document, but they did not participated in the bids. Interestingly, all four bidders are from mobile manufacturing industry and three out of four parties are Chinese based Mobile manufacturers. Rahul Johri has mentioned that OPPO and VIVO had adequate exposure to cricket sponsorships.