Tata Group is all set to replace Chinese mobile manufacturer Vivo as the title sponsor of Indian Premier League from this year. The league will now be called Tata IPL.
Following the Governing Council meeting on Tuesday, IPL chairman Brijesh Patel confirmed about the Tata Group coming on board. "Vivo has exited and the Tatas will be title sponsors."
Patel also confirmed that Governing Council has approved the Letter of Intent to be issued to CVC Capital, whose acquisition of the Ahmedabad franchise has been under a cloud for over a couple months. "The Governing Council has approved the CVC acquisition of the Ahmedabad team and we will issue the LoI today (January 11)," he further said.
Vivo had a deal of Rs 2200 crore for title sponsorship rights from 2018-2022 but after the 2020 Galwan Valley military face-off between the Indian and Chinese Army soldiers, the brand took a break for a year with Dream11 replacing it.
However, Vivo were back as IPL tittle sponsor in 2021 even as speculation raged that they were looking to transfer the rights to a suitable bidder and the BCCI approved the move.