The BCCI, with the help of its legal team, took its time to probe the issue before deciding to approve the CVC bid. “The bids were approved by the GC today, LOI will be issued soon,” IPL chairman Brijesh Patel said
Royal Challengers Bangalore's team players. Picture/ PTI
One of India’s largest business conglomerates, the Tata Group, will replace Chinese mobile manufacturer Vivo as the Indian Premier League’s title sponsor for the next two years.
As per sources, the Tatas will be paying around R670 crore for two years of title sponsorship while Vivo will pay a total of Rs 454 crore for termination of contract which makes it a win-win situation for the BCCI as it is set to earn a whopping R1124 crore for seasons 2022 and 2023 respectively.
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Meanwhile, the IPL Governing Council on Tuesday decided to issue the Letter of Intent to new IPL franchises Lucknow and Ahmedabad, formalising their entry into the world’s biggest T20 league.
RPSG Group and private investment firm CVC had successfully bid for the Lucknow and Ahmedabad franchise, respectively, last October. However, the LOI got delayed after it emerged that CVC had links with betting companies outside India.
The BCCI, with the help of its legal team, took its time to probe the issue before deciding to approve the CVC bid. “The bids were approved by the GC today, LOI will be issued soon,” IPL chairman Brijesh Patel said.
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