Indian Premier League (IPL) title sponsorship has been retained by the Chinese mobile phone manufacturer Vivo for a period of five years. The amount of Rs. 2199 crores were paid as the sponsorship amount, which is close to Rs. 440 crore per year. This accounts for four times more than what they paid last time.
Prior to this, there was a deal signed in 2015 for a two-year period which cost the company an amount of Rs. 200 crores. Vivo has been in the news for grabbing the sponsorship title for FIFA events including 2018 and 2022 World Cups as well as the FIFA Confederations Cup.
Earlier BCCI (Board of Control for Cricket in India) invited the tender for the bidding of the title sponsorship rights, starting August 1, 2017 and will end on July 31, 2022.
DLF, the Indian Real Estate major won the first ever title rights of IPL in 2008 for Rs. 40 crore per annum which was for a period of five years. The next bid was won by PepsiCo in the year 2012 which signed a five-year deal worth Rs. 396 crores. On the termination of the contract by PepsiCo, Vivo came in during the year 2016.
Vivo is lately been seen to focus more on the marketing sector especially, sponsoring the sports in India in order find and fix the position that would create demand in the mobile market. There has been a lot of ease that Vivo finds through such marketing strategy, especially when the public reach is very high.
Referring to the announcement IPL chairman, Rajeev Shukla commented, “We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better.”
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) June 27, 2017
The ‘fever’ of IPL is already on the go and will be seen hitting the heights for both, be it the IPL ‘fans’ or Vivo as a company, which is here in India for a broader market like any other Chinese mobile companies.
Vivo paid 367% premium over the base price and 554% increase over the previous contract. The investment reads in numbers as 440 crores per season, 7.33 crores per game, 18 lakh per over, 3 lakhs per ball.
Vivo is also the title sponsor of Pro Kabaddi league for a 5 year period.