Vivo will remain the title sponsor of the Indian Premier League until 2022, after signing a five-year deal in excess of $341-million.
This is an increase of 554% on the previous deal between the mobile manufacturer and the lucrative cricket event, which attracts the biggest names in world cricket.
BCCI CEO Rahul Johri expressed his delight at the continuation of Vivo’s partnership with the IPL.
‘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],’ Johri told ESPNcricinfo.
‘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,’ he added.
Vivo had outbid the only other interested party, Oppo, for the right to have its name associated with the event.
The IPL offiicial twitter account confirmed the new sponsorship agreement.
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) June 27, 2017
The Mumbai Indians won the 2017 edition of the IPL for their third title in the tournament’s ten seasons.