The IPL is the world's biggest cricketing league and it brings a great mix of cricket, entertainment, and business in recent times the IPL has captivated cricket and numbers aficionados in the same manner.
In the past few years, the amount the IPL has made and the way it has brought in money into the game has captivated many fans from around the world. The recent example of the bidding of title sponsorship rights of IPL has garnered attention even before the tournament started.
The IPL title sponsorship has been a pivotal aspect of the league, providing brands with a unique platform to showcase their association with one of the most popular cricket tournaments globally. Over the years, this sponsorship has become a symbol of prestige and visibility in the competitive world of sports marketing.
In a bid to maintain the momentum and financial allure of the IPL, the Board of Control for Cricket in India (BCCI) recently announced the tender for the IPL title sponsorship rights for the period 2024-2028.
While the stakes were high, the BCCI introduced a set of guidelines that excluded China-based firms, alcohol manufacturers, and betting apps from bidding which signalled a strategic move to align the sponsorship with values and interests that resonate with the Indian audience. Additionally, the encouragement of homegrown companies aimed to make the IPL more inclusive.
Tata Group’s comeback as IPL’s Title sponsor
Amid the stringent guidelines, Aditya Birla Group emerged as a frontrunner with a staggering bid of Rs 500 crores per year, totalling Rs 2500 crores for the five-year cycle. However, according to the guidelines, Tata Sons, the predecessor who had the title sponsorship until the end of IPL 2023, was granted an exclusive right-to-match clause.
This clause afforded Tata Sons the authority to match the winning bid and secure the sponsorship rights for the next five years which they eventually did. By matching the bid, Tata Sons not only showcased their commitment to the IPL but also demonstrated a shrewd financial strategy as the amount is less in comparison to the 670 crores which they paid for the last two consecutive years.