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Vivo pays Rs 2,199 cr to retain IPL title sponsorship for 5 years
MUMBAI: Chinese mobile company Vivo has retained for five years the title sponsorship right to the cash-rich Indian Premier League (IPL) with a winning bid of Rs 2,199 crore.
This works out to around Rs 440 crore per season or a jump of 554% on the previous contract signed by the company.
Oppo, with Rs 1,430 crore, was the next highest bidder.
Vivo’s earlier pay-out for the two-year title sponsorship right was Rs 100 crore a year. This was annually Rs 20 crore more than what beverage giant PepsiCo was paying for an agreement dating from 2013. PepsiCo had walked out of the deal pre-maturely after acquiring the rights for five years at Rs 396 crore.
Vivo’s new rights run from 2018 until 2022.
Back in 2008, DLF was paying Rs 40 crore a year, which shows that the value of the IPL has risen 10 times from a sponsorship perspective.
Vivo is using sports to deepen its brand value in India. The mobile company recently acquired the title sponsorship rights to the Pro-Kabaddi League for a period of five years for Rs 300 crore.
In March, the BCCI named OPPO Mobiles India as the new team sponsor for the Indian cricket team. Oppo bid Rs 1,079 crore for the five-year rights. Vivo was the second-highest bidder at Rs 768 crore.
The IPL media rights are also up for grabs.