Vivo decided to pull out as the title sponsor of IPL. As a result, the Board of Control for Cricket in India (BCCI) decided to replace the main sponsorship with Tata. Indian Premier League chairman Brijesh Patel confirmed that TATA will replace VIVO as the key sponsor from the upcoming season of the tournament.
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Brijesh Patel confirmed the news to Cricbuzz, "Vivo has exited and the Tatas will be title sponsors."
Vivo still has a sponsorship deal with IPl for the next 2 years. Therefore, Tata will be the main sponsor of the league during this time. The league will now be known as Tata IPL.
In 2018, Vivo bought IPL's title rights at a whopping cost of INR 440 crore a year. The Chinese smartphone makers decided to hold back the deal for a year in 2020 due to the Indo-China diplomatic impasse. As a result, the rights of IPL were also transferred to Dream 11 last year.
The original 5 year deal of Vivo and IPL was supposed to end in the 2020 season. Later it got extended till 2023 due to the 1-year break. After the new decision of the Governing Council, the TATA Group will remain the title sponsor of the upcoming seasons of 2020 to 2023.