IPL 2024: IPL Title Rights, BCCI’s ITT will not allow Chinese Companies To Participate in the Bidding: The Board of Control for Cricket in India (BCCI) marked strict conditions for the bidders, which will not allow Chinese Companies to get the IPL Title rights. BCCI has set a base price of 360 crore rupees for the five years of IPL Title rights from 2024-2028.
Previously, TATA Group was holding the IPL Title rights after Vivo, a Chinese brand, pulled out from the five-year IPL Title rights contract during the India-China standoff. Vivo won the bid for IPL Title rights from 2018-2022 for 2200 crore, but they ended the contract in 2021.
After the Galwan Valley Standoff between Indian and Chinese military forces, Vivo was trying to transfer the rights to the other bidders. Therefore, the BCCI approved it, and Vivo paid 454 crore rupees to terminate the contract; hence, Vivo ended its deal with BCCI as IPL Title sponsor in 2021.
After this, TATA Group secured the IPL Title Sponsorship Rights for 660 crore rupees. They paid 335 crore per year and an additional amount of 34 crore rupees for some additional games in the IPL 2022.
The Bidding process is open for all companies and brands, both Domestic and international, but BCCI has strict rules that will not allow Chinese companies to participate in the IPL Title Rights Tender. Companies that will take part in the bidding will have to purchase a tender document.
The Tender Document is non-refundable and has a fee of 5 lakh. The Last Date to submit the bids for the IPL Title Sponsorship rights is January 08, 2023. As per the reports, The bidding process will take place around January 13-14, 2024.
IPL Title Rights, BCCI’s ITT will not allow Chinese Companies:
Under the Invitation to Tender (ITT), The Companies or Bidders must not be incorporated in a jurisdiction or territory that doesn’t have friendly relations with India. If any shareholder is under such jurisdiction, then it is mandatory for them to submit detailed documents of ownership and beneficiaries.
ITT also blocks some of the industries like betting and Gambling firms, Cryptocurrency, and sportswear manufacturers (including athleisure and performance wear). Companies from tax heavens countries are not eligible to participate in this bid.
For More, Check the Official Site: BCCI