Tata Group has now become the sponsor of the Indian Premier League after Chinese mobile-maker Vivo has exited in the wake of the clashes between India and China at the border.
The Tata Group will be the IPL title sponsors for the next two seasons (2022 and 2023) after the IPL governing council gave the approvals on Tuesday.
The governing council has also handed over the letters of intent to the two new IPL teams which now have the ownership rights to run the franchises they paid record sums to buy last October.
Vivo acquired the title sponsorship rights for 2017 to 2022 for approximately US$341M, as an extension of its two-year association from 2015.
But, for IPL 2020, the governing body turned to Dream XI as a replacement for Vivo. However, the mobile phone company made a comeback ahead of the 2021 season. But even for the second time in 17 months, Vivo has exited the Indian Premier League (IPL) as title sponsors.