Chinese mobile handset manufacturer Vivo has agreed to pay a huge increase to retain its title sponsorship rights for the Indian Premier League Twenty20 cricket competition.
Vivo, which has served as the title sponsor for the past two editions of the tournament, will pay a total of Rs21.99bn (€303m/$341m) over five years, from 2018 to 2022.
The figure, which equates to just under Rs4.4bn per season, marks a 554-per-cent increase on Vivo’s previous deal for the IPL and a 267-per-cent premium on the base price set by the tournament’s operator, the Board of Control for Cricket in India.
Competition from rival handset manufacturers, including Oppo, which tabled the second-highest bid totalling Rs14.3bn, as well as Xiaomi and Intex, appears to have pushed up the price to a record figure in Indian sports sponsorship.
“In the upcoming five IPL seasons, Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns,” the BCCI said.
Vivo replaced Pepsi as the title sponsor after the soft drinks producer curtailed its agreement three years into a five-year deal.