Vivo has won the title sponsorship rights of Indian Premier League for the next five seasons(2018-2022) with a winning bid of INR 2199 crores (approximately US $341 million).
This bid is a massive jump of 554% from their previous contract which was signed in 2012.
The base price for the next five-year contract of title rights was set at 15% more than what Vivo paid last year. Oppo was the only company which edged out the bid of INR 1430 crore.
The bids were disclosed on Tuesday in Mumbai, where parties from both the companies were present along with IPL chairman Rajiv Shukla and BCCI’s acting secretary Amitabh Choudhary.
BCCI CEO Rahul Johri said,
“
When an existing sponsor renews [the contract] and puts in a number like this, then it's a real testimony to the value of this property [IPL], There are two things: firstly, the preeminence of the IPL as one of the finest global sports properties [is established]. It is unparalleled. If you saw this year's IPL numbers, they were the highest ever. It is a property which continues to grow year after year, and that's what we are seeing.
”
Johri also added that both Oppo and Vivo have adequate exposure to cricket sponsorships.
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