Tata Group Takes The Rights For The 2022 And 2023 IPL
Tata group has beaten Vivo to take the rights for the 2022 and 2023 ipl. The board of control for cricket in India (BCCI) has confirmed the news on Twitter.
Despite the rise of digital, TV is still the most popular medium in India to watch the IPL. In fact, a YouGov survey found that 42 per cent of people in the country prefer watching the league on TV. Here we will discuss about rajkotupdates.news : tata-group-takes-the-rights-for-the-2022-and-2023-ipl-seasons.
Why did Vivo opt out of the deal?
The fast-paced smartphone industry has witnessed major advancements in technology and features. While the Western world has played a key role in these developments, Chinese manufacturers have also gained significant market share. Vivo, for instance, has risen to become one of the most popular Chinese smartphone brands.
The company manufactures a variety of devices including phones, tablets, laptops, smartwatches and other gadgets. Its products are available in more than 100 countries across the globe.
However, Vivo has faced a number of challenges in the last few years. The company has been accused of tax evasion and the Enforcement Directorate has even raided its offices in India. It is also alleged that it had remitted almost half of its turnover out of India, mainly to China.
As a result, Vivo has decided to quit all major deals. It will now focus on selling its phones at a lower price and through more retail discounts and commissions.
This is a big setback for the company as it had earned a lot of money through this deal with the BCCI. The deal had been worth around Rs 2200 crore and it was expected to continue until 2022.
But the negative publicity created by this deal has caused the company to opt out of it for good. This means that the BCCI will lose a huge amount of money and the IPL has to look for another sponsor to replace Vivo.
A major reason for this is the anti-China sentiment in India. This has been brewing for a while and the recent border skirmishes between India and China have only fuelled this sentiment. The Confederation of All India Traders and Swadeshi Jagran Manch, the economic wing of Hindu nationalist Rashtriya Swayamsevak Sangh, have strongly opposed Vivo’s involvement in the IPL.
The negative vibes have also led to the cancellation of several major sports events in the country. This has made it difficult for the BCCI to find a suitable replacement for Vivo.
The Tata Group has now taken the rights for the 2022 and 2023 IPL seasons. The board is estimated to earn around Rs 130 crore more than what it was earning from the Vivo deal.
Who will replace Vivo?
The IPL Governing Council gave its formal approval on Wednesday to Indian business conglomerate Tata Group as the title sponsor for the 2022 and 2023 editions of the cash-rich league. The decision will see Tatas take over the tittle sponsorship rights for two years, which will bring in a windfall of Rs 1124 crore.
Vivo was the main sponsor for the IPL till 2022 but pulled out of the deal three months before the start of the season because of rising anti-China sentiment in the country. The Chinese smartphone maker had signed a five-year contract to become the IPL chief sponsor and was scheduled to see its deal through until 2020, when a military face-off between India and China led to a ban on all Chinese products in the region.
In 2021, Vivo made a comeback as the IPL tittle sponsor even though speculation raged that they were looking to transfer the rights to a suitable bidder. The BCCI approved the move but Vivo had to pay an upfront fee of Rs 183 crore in 2022 and 211 crore in 2023.
Now, the Tatas have stepped in as the IPL tittle sponsor and will have to pay about 60% more than what they had committed before. Moreover, they will have to pay 6 percent assignment fee as well.
It is a lucrative deal as the value of title sponsorships has shot up from 400 million Indian rupees in 2008 to about three billion rupees in 2022. The IPL has grown into one of the most popular sports in the world.
The Tatas will also have to pay an additional amount due to the increase in number of matches from 60 to 74 for each edition. This will come up to a total of about Rs 300 crore per year, which is about 60 percent of what they would have paid had they stuck with the deal.
As for the players, MS Dhoni, Virat Kohli and Rohit Sharma are expected to be retained by all eight franchises. Both Ahmedabad and Lucknow will be given a timeframe to sign players before the mega auction takes place in February.
Who will be the other sponsors?
The Indian Premier League (IPL) governing council has approved Tata Group to take the rights for the 2022 and 2023 editions of the cash-rich T20 cricket tournament. The group will replace Chinese mobile manufacturer Vivo as the title sponsor.
Tata is a multinational conglomerate, which is one of the largest industrial groups in India and has a wide array of businesses. Founded in 1868, the company is considered a household name in the country and has a diverse range of interests, including sports promotion.
According to a report in PTI, the Tata Group will be replacing Vivo as the title sponsor of the IPL from this year. The deal was announced by IPL chairman Brijesh Patel at a Governing Council meeting on January 11.
It will be the first time that an Indian firm has been the IPL’s primary sponsor. The BCCI’s decision to choose Vivo was met with harsh criticism as it was seen as a bad sign for both the league and the Chinese smartphone maker.
The Chinese company had signed a deal with the BCCI in 2017 to become the IPL’s official title sponsor for two seasons, with a total of Rs. 2,200 crores being paid over the course of the deal.
However, after the Indian Army and Chinese troops faced off in a war in Ladakh’s Galwan Valley, Vivo pulled out of the deal with one season to go. It was then replaced by Dream11.
Now, the BCCI has signed a deal with the Tata Group to replace Vivo as the IPL’s primary sponsor for two seasons. The Tatas will pay over INR 670 crores to the cricket body in return for the title sponsorship, which would make them the second-highest paid sponsor after Coca-Cola.
While this deal is a huge win for the league, it will also mean that they will have to cut down on their marketing budgets. The IPL currently receives an annual revenue of about $120 million, based on the number of matches played and viewership, which is a fraction of what they were earning before Vivo took over as the title sponsor. To know more about rajkotupdates.news : tata-group-takes-the-rights-for-the-2022-and-2023-ipl-seasons just click on the below link:
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