Vivo extends IPL sponsorship rights for next 5 years with nearly Rs 2,200 crore bid

Key highlights:

• Vivo has retained the title sponsorship for the Indian Premier League for next 5 years
• It won the title sponsorship from 2018 to 2022 with a bid of Rs 2,199 crore
• This is a 554% increase in bid amount over the previous contract

Chinese smartphone brand Vivo has retained the title sponsorship for the Indian Premier League (IPL) for the next five years. The company won the title sponsorship from 2018 to 2022 with a bid of Rs 2,199 crore, according to a PTI report.

The Board of Control for Cricket in India (BCCI) tweeted through its IPL twitter handle announcing that smartphone brand Vivo retains the title sponsorship for IPL from 2018-2022. “They bid Rs 2,199 crore, 554% increase over the previous contract,” it said.

VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB

— IndianPremierLeague (@IPL) June 27, 2017

Soon after BCCI CEO Rahul Johri tweeted congratulating Vivo for winning the title sponsorship of IPL.

The BCCI had last month invited bids for the title sponsorship of the cash-rich and glitzy event for the period between August 1, 2017 and July 31, 2022.

VIVO had held the title rights for the 2016 and 2017 seasons. That deal was pegged at an estimated Rs 100 crore per year.

For the renewed contract, VIVO beat another mobile manufacturer Oppo, which had reportedly bid Rs 1,430 crore.

Vivo had taken over from soft drink giants Pepsi in 2014 -15.

Pepsi claimed the rights in 2013, bidding Rs 396 crore for five years.

The company had taken over from real estate group DLF, which was the tournament's maiden title sponsor from 2008 to 2012.

(With inputs from PTI)