PEPSI WILL BE the new title sponsor of the Indian Premier League (IPL) Twenty20 cricket tournament for the next five years after submitting the highest bid for the vacant sponsorship berth.
The soft drinks brand’s successful bid amounted to 396 crores ($71.2m) after outbidding Indian Telecoms company Bharti Airtel – the only other brand to submit a bid – which offered 316 crores ($59.6m).
Significantly, the Board of Control for Cricket in India (BCCI) will receive almost double the amount it received from previous title sponsor DLF in the last five-year rights cycle. The Indian commercial real estate developer paid 200 crores ($36m) between 2008 and 2012.
Two weeks ago, Frontloaded reported that Pepsi was among four brands leading the race to secure the title rights to the IPL, while also suggesting a brand from the Indian telecoms sector may identify the property as a worthwhile investment.
While Pepsi has been associated to Indian cricket for the past 20 years, its winning bid has left some sports marketers confused after the brand aggressively marketed a campaign in the country earlier this year, promoting association to other sports besides cricket.