Vivo has secured a five-year extension of its title sponsorship deal with the Indian Premier League (IPL).
The agreement will see the global smartphone manufacturer continue to hold the naming rights for cricket’s most lucrative domestic Twenty20 tournament until the end of the 2022 season.
According to a statement made by the Board of Control for Cricket in India (BCCI), the China-based company bid Rs 2199 crores (US$330 million) to secure the deal, which represents a staggering 554 per cent increase on the previous contract.
The BCCI had last month invited bids for the title sponsorship of the competition, and Vivo beat rival mobile manufacturer Oppo to continue its collaboration with the league, extending an association which began when the brand replaced Pepsi in 2015.
“We are delighted to have Vivo joining us once again as the title sponsor for IPL for the next five years,” said Rajeev Shukla, chairman of the IPL. “The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better.”
CK Khanna, acting president for the BCCI, added: “Vivo as a brand has carved its niche and legacy in the market. We are extremely glad to have Vivo as the title sponsor and look forward to an enriching affiliation for both stakeholders.”
Amitabh Choudhary, acting secretary for the BCCI, said: “We received an overwhelming response for the title sponsorship rights and we are glad to have Vivo back on board. It is a renewal of a fruitful relationship with the brand that will extend for the next five years.”
The 2017 IPL season was the tournament’s tenth edition, and saw the Mumbai Indians defeat Rising Pune Supergiant in the final to become the first team to win a third IPL title.