Tata Group has retained the title sponsorship for the Indian Premier League (IPL). As per the various media reports, it is learned that they used the Right To Match (RTM) option to retain the rights of the league for the next 5 years.
The reports suggested that Tata Group will have to pay the sum of INR 500 crore to the Board of Control for Cricket in India (BCCI) for the next five years as a fee for IPL title sponsorship.
It is learned that Aditya Birla Group was in contention to acquire the IPL title sponsorship. However, Tata Group used the RTM to match the bid. The governing body recently released the tender for title sponsorship rights for the IPL seasons 2024-2028.
BCCI set the base price of ₹1,750 crore over five years or ₹350 crore per year, for 74 matches. Aditya Birla Group reportedly was the sole bidder and it is learned that they made a bid higher than the base price set by the governing body.
According to the rules by BCCI, the Tata group had the right of refusal, but they had to match the highest bid -Rs 500 cr per year by the ABG Group -to retain the rights.
The last edition of the league attracted over 500 million viewers on TV and around 450 million viewers on digital platforms. Earlier, DLF, Pepsi, Vivo, and Dream11 held the rights before Tata acquired the rights.
