The Tata Group will shell out a record Rs 2,500 crore to renew its title sponsorship of the prized Indian Premier League for another five years.
The Board of Control for Cricket in India has awarded the title sponsorship rights to the salt-to-software conglomerate for 2024-2028. The record-breaking value of the deal is the highest-ever sponsorship amount in the history of the league, it said in a statement on Saturday.
The Tata Group previously held the title sponsorship rights for the cricket league in 2022 and 2023. It is also the title sponsor of the Women’s Premier League, the biggest women’s T20 league in the world.
"The unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international sports stage," BCCI Secretary Jay Shah said in a statement. "This collaboration embodies the spirit of growth, innovation, and a mutual dedication to excellence."
The record-breaking bid is a testament to the immense value and appeal that the IPL holds in the world of sports, said IPL Chairperson Arun Singh Dhumal.
"Tata Group’s commitment to cricket and sports is truly commendable, and we look forward to scaling new heights together and providing fans with unparalleled cricketing entertainment," he said.
Before the Tata Group took the IPL title, Chinese smartphone company Vivo was sponsor of the league from 2016-2019 and again in 2021.
Fantasy gaming platform Dream 11 Fantasy Pvt. bagged the lucrative deal in 2020. From 2008 to 2012, the IPL title sponsor was DLF Ltd., India's largest real estate developer, followed by global American beverage giant PepsiCo (2013–2015).
In June 2022, BCCI sold the IPL broadcasting rights for Rs 48,390 crore for the 2023-27 cycle. Disney Star won India TV rights for a bid of Rs 23,575 crore and Reliance Industries Ltd.-backed Viacom18 (which owns JioCinema app) bagged digital rights for Rs 23,758 crore.
Since its beginning in 2008, the IPL has grown to rank among the richest sports leagues in the world. In 2023, the brand value of the league crossed the $10 billion mark, with the Mumbai Indians being the most valuable IPL brand.
In the league's 16th season, the combined brand value of the IPL system stood at $10.7 billion, according to Brand Finance. The league was valued at $2 billion in 2009 and saw steady growth to $4.7 billion in 2021.
In the following two years, the brand value more than doubled. This staggering growth was driven by mega media rights deals, an increasing central pool of IPL revenues, and the addition of two new franchise teams.
The IPL 2024 auction held in December last year ended with fresh records set as teams filled 72 of the 77 slots available, spending over Rs 230 crore.
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