IPL 2024: The Board of Control for Cricket in India (BCCI) is searching for title sponsors ahead of the 17th season of the Indian Premier League (IPL 2024). According to a report from Cricbuzz, the BCCI has rolled out strict conditions that the bidders must follow. The apex council has said that no Chinese companies or bidders will be allowed to bid for the title sponsorship rights of the Indian Premier League.
The reason behind not allowing Chinese brands to bid for the title sponsorship rights is the tense border relations between India and China. Vivo was the last Chinese brand to hold the IPL title sponsorship rights between 2018 and 2022, but due to border issues between India and China, the BCCI kept Vivo’s sponsorship for IPL 2020 on hold, and Dream 11 took over as the title sponsor in 2020. Vivo returned for IPL 2021, but the Tata Group took over from Vivo for IPL 2022 and IPL 2023.
“While no specific nations or brands have been cited specifically, the BCCI’s decision is based on public outrage and a bad experience with Vivo, a Chinese smartphone manufacturer. “This situation emerged as a result of the border dispute between India and China. As a result, Vivo elected to terminate the 5-year sponsorship agreement, giving the rights to the Tata Group,” according to Cricbuzz.
The BCCI even mentioned that, along with Chinese brands, they will not allow brands that are associated with fantasy games, betting apps and websites, alcohol, tobacco, sportswear, or cryptocurrency trading to bid for the title sponsorship rights of the IPL.
Despite a not-so-encouraging response to the sponsorship tender, the BCCI is keeping their heads up and is expecting reputable brands to bid for title rights thanks to the tremendous brand value of the Indian Premier League. The winner of the bidding would get bidding rights for 5 years (IPL 2024-2028), and the bidding process is expected to start between the 13th and 14th of January. The reserve price for the title rights is 360 crore rupees per year, and interested parties can purchase the Invitation to Tender (ITT) document until January 8th.
The Invitation to Tender (ITT) has a critical phrase that states, Each bidder shall not be incorporated in a jurisdiction or territory with which India does not have good relations.” If any corporate entity that is a shareholder or proposed shareholder in the bidder is incorporated in a jurisdiction or territory with which India does not have friendly relations, the bidder will be required to provide a detailed chart of the shareholding in such bidder or its ultimate parent company, as well as the ultimate owners and beneficiaries of all shareholders that are body corporate in such bidder or its ultimate parent company, along with the bid document.
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For more details head to ICC’s official website.