Tata Sons Private Limited has used its Right to Match card to retain the title sponsorship of the cash-rich Indian Premier League for the next five years. News18 CricketNext has understood that Tata Group has matched the valuation that the Aditya Birla Group presented.
The Tata Group will now continue to be the title sponsor of the biggest cricket league in the world for the tenure of the 2024 to 2028 seasons.
#Tata retain #IPL title sponsorship. Aditya Birla Group put a number and the Tatas used the Right To Match option.Figure apparently the same as what a prominent newspaper recently reported.
— KSR (@KShriniwasRao) January 19, 2024
Earlier, in late December 2023, the Board of Control for Cricket in India (BCCI) released an Invitation to Tender for Title Sponsor Rights for the Indian Premier League Seasons 2024-2028.
“The detailed terms and conditions governing the tender process including eligibility requirements, process for submissions of bids, rights and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) document which will be made available on receipt of payment of a non-refundable fee of INR 5,00,000 (Indian Rupees Five Lakh Only) plus any applicable Goods and Services Tax. The procedure to procure the ITT documents is enlisted in Annexure A to this notice. The ITT will be available for purchase till January 8, 2024,” the BCCI stated in a release.
The cricket board further stated the details of the Right to Match for Tata Sons Private Limited who are the current title sponsors.
“The attention of the interested parties is brought to Annexure B which details certain brand categories in which the interested party cannot bid. The interested parties are further informed that the highest bid submitted by the parties shall be subject to Tata Sons Private Limited exercising its ‘Right to Match’ such bid (“RTM”). The details of the RTM are provided in Annexure C,” it added.
The Tata Group decided to continue their association with the Indian Premier League and matched the valuation of the highest bidder. It was in 2022 when the Tata Group replaced Chinese mobile manufacturer Vivo as the title sponsor of the Indian Premier League (IPL) for the 2022 and 2023 seasons. They paid INR 365 crore per season in their last deal but the amount is expected to be bigger in the new deal for the next 5 years.
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