The Board of Control for Cricket in India (BCCI) on Tuesday introduced the release of tender invitation for IPL‘s title sponsorship rights for seasons 2024 to 2028. The sponsorship take care of Tata was until the top of the 2023 season. The Indian board introduced the release and listed three Anexures too.
“Board of Control for Cricket in India (BCCI) announces the release of Invitation to Tender for Title Sponsor Rights for the Indian Premier League Seasons 2024-2028,” BCCI wrote in a press release. Notably, the detailed phrases and circumstances for the tender course of are contained within the ‘Invitation to Tender’ doc which shall be out there for the events after cost of a non-refundable price of INR 5,00,000.
“The detailed terms and conditions governing the tender process including eligibility requirements, process for submissions of bids, rights and obligations, etc. are contained in the ‘Invitation to Tender’ (“ITT”) document which will be made available on receipt of payment of a non-refundable fee of INR 5,00,000 (Indian Rupees Five Lakh Only) plus any applicable Goods and Services Tax. The procedure to procure the ITT documents is enlisted in Annexure A to this notice. The ITT will be available for purchase till January 8, 2024,” the release additional said.
It added that the ITT paperwork shall be shared after the ‘affirmation of cost of the non-refundable ITT price.’ Two extra Anexures – Anexure B and C are additionally connected to the release. Annexure B gives particulars on ‘sure model classes by which the occasion can not bid.’ Notably, Annexure C states about Tata’s ‘Right to Match’ the very best bid made by the events.
“As per the previous title sponsor agreement between BCCI and Tata Sons Private Limited (“Tata”), BCCI is required to notify Tata of the highest bid amount (“Highest Bid”) received for the Title Sponsorship Rights pursuant to the ITT process. Consequently, Tata will have the right (but not an obligation) to match the Highest Bid within (5) working days of date of opening of the financial bids and notify its intent to BCCI. In the event, Tata exercises its right to match the Highest Bid, then BCCI will be obligated to grant the Title Sponsorship Rights for the Rights Period to Tata,” the release added.
Notably, as per Tata Capital’s web site, the Tata Group took the IPL 2022 sponsor rights until the top of the 2023 version.
