Tata Group has retained the title sponsorship of the Indian Premier League (IPL). According to various media reports, it was learned that they used the Right To Match (RTM) option to retain the rights to the league for the next 5 years.
Reports suggested that Tata Group will have to pay a sum of Rs 500 crore to the Board of Control for Cricket in India (BCCI) over the next five years as IPL title sponsorship fee.
It is learned that Aditya Birla Group was vying to acquire the title sponsorship of IPL. However, Tata Group used RTM to match the offer. The governing body recently launched the tender for title sponsorship rights for IPL 2024-2028 seasons.
The BCCI has fixed the base price of Rs 1,750 crore for five years or Rs 350 crore per year, for 74 matches. Reportedly, Aditya Birla Group was the only bidder and it is learned that they bid higher than the base price set by the governing body.
#breaking Tata Group will continue as title sponsor of IPL…according to sources they have exercised RTM option to match Birlas’ offer…but they will pay 500 cr per annum to continue as title sponsor of IPL for next 5 years 🙂
– Gaurav Gupta (@toi_gauravG) January 19, 2024
Aditya Birla Group made an offer of Rs 500 per year for the next five years. Tata Group paid INR 670 crore during the last two seasons of IPL. The BCCI is reportedly planning to increase the games to 84 in 2025 and 2026 and to 94 in 2027. Therefore, the cost of rights could increase.
As per BCCI rules, the Tata group had the right to refuse, but it had to match the highest offer (Rs 500 per annum from the ABG group) to retain the rights.
The last edition of the league attracted more than 500 million viewers on television and around 450 million viewers on digital platforms. Previously, DLF, Pepsi, Vivo and Dream11 had the rights before Tata acquired them.
IPL 2024 will start from March 22
IPL 2024 will reportedly start on March 22. There has been a lot of speculation about whether the league will be played in India or not. The reason behind this has been the Lok Sabha elections, which are scheduled to be held in April-May.
During the 2009 elections, the IPL took place in South Africa. However, there are no plans to host the tournament outside India this time. A BCCI source revealed that the league will be played along with the general elections. Speaking to ANI, he explained:
“There is no question of moving the tournament outside the country, since the general elections will be held at the same time. If any state does not want to host the game at that time, for any justified reason, the game could be moved to another venue.”
The IPL 2024 auctions were recently held in Dubai. Mitchell Starc became the most expensive player with Rs 24.75 million. Pat Cummins also acquired INR 20 crores. There were also many young people who achieved large sums of money at the auction. With the type of players each team has, it promises to be an exciting series. It will also be a great preparation for all international players for the T20 World Cup 2024, which will be played in June.