Vivo had bagged the title sponsorship rights of the T20 League for two years – 2016 and 2017 – or the ninth and tenth edition of the league – at a reported cost of Rs 100 crore per year. The new bid amount is Rs 440 crores a year.
Chinese mobile handset manufacturer Vivo has retained the title sponsorship for Indian Premier League for the five-year period of 2018-2022 with a bid valuation of Rs. 2,199 crore, it was revealed by the cash-rich league. This is a jump of 554% on the previous successful title sponsorship bid made by Vivo for two seasons.
BCCI had invited bids for the title sponsorship earlier this year and the tender process was open till June 21 with the applications acceptable till noon on June 27. “Interested parties can collect the tender documents for the bids between 1 June and 21 June from the BCCI office in Mumbai upon payment of Rs3 lakh,” stated the invitation to tender document. All bids must be submitted by 12 PM on 27 June,” said the advertisement by the BCCI.
Vivo had bagged the title sponsorship rights of the T20 League for two years – 2016 and 2017 – or the ninth and tenth edition of the league – at a reported cost of Rs 100 crore per year which was a jump of Rs 20 crore annually from what beverage giant Pepsi had paid through an earlier agreement beginning 2013.
Vivo’s renewed title sponsorship begins August 1 and ends on July 31, 2022. As for other deliverables, the IPL Governing Council in May had odecided that the “IPL title sponsorship Invitation to Tender will start on May 31, 2017; The Request for Proposal (RFP) for IPL Event Services contract will be floated on June 12; The IPL Media Rights Invitation to Tender on the next rights period will commence on July 17.” All these processes shall be for the next five-year cycle. Members of the Committee of Administrators were also present in the meeting.
Source: Cricket.com.pk