IPL 2024 Title: TATA likely to quit the Sponsorship
Are you looking for the most recent information about IPL championship sponsorship? Here’s some information that may surprise you. Tata Group, which just signed on as the title sponsor of WPL, is allegedly considering leaving the IPL when the deal expires after this season.
This article will examine why Tata may be contemplating this move, how it would affect the BCCI and the fate of IPL sponsorship. Continue reading to learn more.
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Tata’s IPL Journey
Last year, Tata Group took over as IPL title sponsor from Chinese cellphone maker Vivo. Nevertheless, Tata’s contract expires with IPL in 2024, and the Indian conglomerate has stated that it would not renew. Vivo signed a five-year contract with the BCCI in 2018 for Rs 440 Cr each season. After temporarily handing the license to Dream11 in 2010, it returned as the sponsor in 2021. But, the business was forced to quit last year, and Tata took control for an unknown amount.
Why is Tata Considering Quitting IPL Sponsorship?
With the economy slowing and a worldwide recession looming, Tata Group has decided not to extend its title sponsorship of the IPL. The pandemic’s impact on the global economy has been considerable, and the IPL is no different. The league was forced to relocate to the UAE in 2020, and games were held without fans, significantly impacting income. Given the state of the economy, Tata may not see sense in investing in IPL sponsorship. However, it is vital to remember that Tata has not officially notified the board of their intention.
Impact on BCCI
If Tata withdraws from IPL sponsorship, BCCI will suffer a significant loss, as Tata is one of India’s most renowned and recognized companies. BCCI will auction off the title rights in December. But Tata’s move not to compete for IPL championship sponsorship will not affect their WPL contract. Tata announced a five-year sponsorship agreement with the BCCI for the Women’s Premier League, making it one of the world’s largest franchise T20 competitions.
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The Future of IPL Sponsorship
It remains determined who will replace Tata as the IPL title sponsor. The IPL is one of the most successful athletic leagues in the world, generating billions of dollars in revenue each year. As a result, BCCI is unlikely to have difficulty securing a new main sponsor. The concern is whether they can locate a sponsor who can rival Tata Group’s brand image.
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Given the brand’s recent push into sports sponsorship, many cricket fans and analysts may be surprised by Tata’s decision to end IPL sponsorship. Yet, considering the current state of the economy, it’s reasonable that Tata might not see a benefit in investment in IPL sponsorship. If Tata does go, the BCCI will suffer a substantial loss, but it is doubtful they will have difficulty selecting another title sponsor. The IPL has become a worldwide brand, and with other leagues, such as the WPL gaining steam, the future of Indian cricket is bright.