As reported by ESPN Cricinfo, Chinese smartphone manufacturer Vivo has retained the title sponsorship rights of the Indian Premier League (IPL) for the next 5 seasons (2018-2022). This deal is reportedly worth around $341m, which is a significant 45% increase on the previous 5-year contract signed in 2012.
Following the ending of PepsiCo India‘s 5-year contract as title sponsorship, Vivo first became the IPL’s title sponsor for two seasons in October 2015. According to ESPN Cricinfo, the base price for this cycle of title rights was set at 15% more than what Vivo paid last year. Eventually, Vivo edged out the only other bid of around $221m from Oppo, another Chinese smartphone manufacturer. Incidentally, Oppo had trumped Vivo for the sponsorship rights of the India cricket team in March 2017 with the two companies being the only bidders again.
The bids were opened on Tuesday in Mumbai, in the presence of both parties along with IPL chairman Rajiv Shukla and BCCI's acting secretary Amitabh Choudhary.
Source: ESPN Cricinfo
Proofread by Raymond Fitzpatrick