TATA Group has submitted its “Expression of Interest” to become the IPL title Sponsor this year & joined the list along with Technology Company Academy & fantasy Sports platform Dream 11 to bid for replacing Chinese Mobile Phone Company Vivo for the current season.
Friday was the last date of submission of ‘EOI’ to the BCCI. The IPL will be held from September 19 to November 10 in UAE this year & the winning bidder will be entitled to IPL title rights for a period of 4 months & 13 days.
TATA Group’s entry into the bidding list will make the bidding war on August 18 more interesting as BCCI is expecting that the winning bid should not be lower than VIVO’s Rs 440 crore annual contract even though the rights tenure is of very less duration.
“Yes, Tata Group has submitted their Expression of Interest to buy IPL title rights,” a group spokesperson told PTI.
A source in the BCCI confirmed the submission of EOIs from the other two companies. The official quoted as saying, “The EOI doesn’t have to mention the bid amount. It will be sent on August 18”.
“Post the delivery of the EOI, BCCI shall inform the rights, product categories and entitlements to the interested third parties. The final bid should be sent to firstname.lastname@example.org between 11 am to 1pm on August 18, 2020”, the Official added.
Yoga King Ramdev’s Patanjali & Jio Communications are also reportedly have expressed its interest for the IPL Title Sponsorship Right but no immediate confirmation came from the BCCI on these two names.
However The Board has made it quite clear that the highest bidder will not get the title sponsorship rights unless the BCCI is satisfied with its plan for the high valued brand.
“A lot of times, some unknown organizations can bid insanely and then you might find there are questions regarding their credibility. Also what if a company, with sizable Chinese investment, bids? “Then the whole postponement of partnership with Vivo will look very stupid,” a veteran official said.
VIVO & BCCI postponed their partnership for one year due to the ongoing tensions between both countries due to the Sino-Indian border stand-off. Any bid between the range of Rs 300 to 350 crore will be a win-win condition for the BCCI & will help the board to overcome the financial losses caused due to coronavirus pandemic.