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BCCI signs off on Vivo IPL deal

The Board of Control for Cricket in India has formally confirmed Vivo as the new title sponsor of the Indian Premier League after the Chinese mobile telecommunications firm supplied a bank guarantee to the governing body.

The initial agreement was announced on Sunday as the BCCI Working Committee met in Mumbai, with Vivo given 10 days to supply a bank guarantee. The closure of the agreement means that the 2016 and 2017 seasons of the Twenty20 league will be known as the Vivo IPL, with the company also set to enjoy extensive rights through sports events, on-ground activations and marketing campaigns.

Alex Feng, chief executive of Vivo Mobile India, said: “Vivo is an emerging brand in India, dedicated to offering quality products and services to music lovers, sports enthusiasts and fashion pursuers. We always believe in supporting new talents and have associated ourselves only with premium events globally. This investment reiterates how important the Indian market is for us and we are confident that Vivo will get returns from our investment in IPL, and that this association will further advance our ‘Love India, Love Vivo’ initiative.”

The Indian division of Vivo Mobile will replace US multinational food and beverage corporation PepsiCo as title sponsor of the IPL after reports over the status of the latter firm’s partnership with the league emerged earlier this month.

PepsiCo secured the title sponsorship rights to the IPL in November 2012 under a five-year deal covering the 2013 to 2017 seasons worth $72.5m (€64.5m). However, the company was said to be seeking to end its deal early in the wake of the ongoing controversy surrounding the IPL’s 2013 spot-fixing scandal.

A panel established by India’s Supreme Court in July recommended the suspension of leading IPL franchises the Chennai Super Kings and Rajasthan Royals for a period of two years – a verdict that was upheld by the BCCI Working Committee on Sunday.

Vivo will assume the final two years of the contract, covering the 2016 and 2017 IPL seasons, on the same financial terms as that agreed by PepsiCo.