After the Governing Council meeting, IPL chairman Brijesh Patel confirmed to media that Vivo is pulling out of IPL sponsorship and Tatas to take over as the new sponsor.
Vivo won the IPL Title sponsorship rights in 2018 at a whopping cost of 480 crores INR per year. The five year deal was valid till 2022.
But after some diplomatic conflict between India and China in 2020. The Chinese phone maker decided to pause their title agreement for one year in 2020. Dream11 replaced Vivo that year as the title sponsor at a cost of INR 222 crores.
Due to the one year pause vivo’s deal had been extended one more year till 2023. Tata will replace vivo as IPL tiltle sponsor for next two seasons, till the previous deal is completed. As there are still couple of years left in Vivo’s deal.
The league will now be called Tata IPL.
IPL 2022 mega-auction to take place as planned on February 12 and 13 at Bangalore, IPL Chairman informed the media.