Chinese smartphone maker Vivo has retained the title sponsorship rights for the Indian Premier League for a five-year period. Vivo’s winning bid of Rs 2,199 crore was far higher than the next best one – Rs 1,430 crore from competitor Oppo, reported the Times of India.
This means that Vivo is paying nearly Rs 440 crore per year to be the IPL’s official title sponsor, which is four times more than what they were paying earlier. The previous title rights deal, signed in 2015 for a two-year period, had cost the company Rs 200 crore, or Rs 100 crore per year.
The IPL’s first ever title rights had been bought by Indian real estate major DLF in 2008 for Rs 40 crore per annum for a period of five years. Americal gola giant Pepsi won the next bid in 2012 and signed a five-year deal worth Rs 396 crore, or nearly Rs 80 crore per annum. However, PepsiCo India terminated its contract two years ahead of schedule because of the 2013 spot-fixing and betting scandal. Vivo replaced Pepsi in 2016.
Vivo is now the title sponsor of the two most popular sports leagues in the country. Earlier this year, Vivo had won the title sponsorship rights for the Pro Kabaddi League for a period of five years in a deal worth Rs 300 crore, which is Rs 60 crore per year.