Vivo likely to exit as IPL’S title sponsor

THE MOVE WOULD LEAVE IPL POORER BY ~440 CRORE, ALSO HITTING THE FINANCES OF THE TEAMS

MUMBAI/NEWDELHI: Chinese smartphone maker Vivo Communication Technology Co’s Indian arm Vivo India is set to withdraw as title sponsors of the upcoming Indian Premier League, according to people familiar with the matter at the Board of Control for Cricket in India (BCCI).

If it happens, the move would leave IPL poorer by ~440 crore, also affecting the finances of each of the teams. Vivo India paid ~2,200 crore in 2017 for a five-year title sponsorship deal with IPL. Neither BCCI nor Vivo India want to break the contract, but given the current environment, believe that this is the best thing to do — at least for this year.

According to the people cited in the first instance, BCCI top brass were locked in a teleconference through the day to find an amicable settlement with Vivo.

Behind the scenes, a BCCI official said, president Sourav Ganguly and secretary Jay Shah were in talks with Vivo officials, because the Chinese company wanted to withdraw to “renegotiate the valuation.”

BCCI plans to float a tender to invite a new title sponsor for just this year, but it may not be as lucrative.