Mumbai: In a significant development for cricket enthusiasts and corporate entities alike, the Tata Group has successfully retained the title rights for the Indian Premier League (IPL) until 2028. The conglomerate sealed the deal by agreeing to contribute Rs 500 crore per season for the next five years.
The decision comes after a competitive bidding process, wherein the Tata Group exercised its right, as stipulated in the Invitation To Tender (ITT) document, to match any competitive offer made by other corporations. Adhering to this provision, the Tatas chose to match the valuation of Rs 2500 crore presented by the Aditya Birla Group. The Board of Control for Cricket in India (BCCI) officially confirmed this decision on Friday.
The Tata Group initially acquired the IPL title rights in 2022 after sub-licensing them from Vivo. The latter, a smartphone company, had entered into the IPL title rights in 2018 for a planned five-year period, committing to a payment of 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.
Amid diplomatic tensions between India and China, Vivo faced challenges in continuing the IPL deal, leading the Tata Group to step in during 2022. In that arrangement, Tata committed Rs 365 crore per season, with Vivo covering the remaining amount. Following the successful completion of this agreement, the BCCI granted the Tata Group the right to match any new offers that may arise. The recent decision to match the Aditya Birla Group’s bid of Rs 2500 crore secures the IPL title rights for the Tata Group until 2028, marking a continued association with one of the most prestigious cricket leagues globally.