The title rights fight of the IPL goes nuclear! ABG throws down a Rs 500 crore bombshell; other bidders scramble.
The race for the IPL 2024 title rights just got spicier, with the esteemed Aditya Birla Group reportedly making a Rs 500 crore bid per year. As per a news report, ABG has bid overall for a massive Rs 2500 crore for the title rights of the marquee tournament over the next five years until 2028.
While Tata Sons previously paid Rs 670 crore for IPL 2022 and 2023, the reserve price is set at Rs 370 crore per year, amounting to Rs 1750 crore for five years. The report further claims that the BCCI plans to increase the number of matches to 84 in 2025 and 2026 and to 94 in 2027.
While Tata Sons possesses the right to refuse, they do have to meet the highest bid in order to retain the rights. As per the report, Aditya Birla Group refused to comment on the matter, adding that they would evaluate the IPL title rights issue.
BCCI has prohibited fantasy gaming companies from bidding for the title of IPL 2024. BCCI is on the hunt for a new title sponsor for the league, with the previous sponsors Tata Group paying Rs 360 crore for the last two editions after taking over from previous sponsors Vivo.
According to the report, one of the conditions that deems a company ineligible to bid for the rights of IPL’s title sponsor includes companies directly or indirectly engaging in fantasy gaming.
"Bidder is operating or engaged directly or indirectly in fantasy gaming. To clarify, a bidder, including any of its group companies engaged in or operating in the business of fantasy sports gaming, is not permitted to submit a bid," one of the BCCI’s conditions read.