Image Credit- BCCI
The Indian Premier League (IPL) is aggressively
looking for a title sponsor, and the Board of Control for Cricket in India
(BCCI) has set strict requirements for potential bids. Notably, citing its
reluctance to be connected with businesses from nations that do not have
positive relations with India, the BCCI has hinted that it may not accept
proposals from Chinese corporations or brands. INR 360 crore is the annual
reserve price for the rights.
This predicament emerged during the border dispute
between China and India. Following that, Vivo made the decision to end the
five-year sponsorship deal and give the Tata Group the rights.
Reads that particular clause in the Invitation to
Tender (ITT) document, “Each bidder which is a corporate entity must not
be incorporated in a jurisdiction/territory with which India does not have a
friendly relation. In the event, any corporate(s) which is a shareholder or a
proposed shareholder in the Bidder is incorporated in a jurisdiction/territory
with which India does not have friendly relations, the Bidder will be required
to provide a detailed chart of the shareholding in such Bidder or it ultimate
Parent Company and the details of ultimate owners/beneficiaries of all
shareholders which are body corporate in such Bidder or its ultimate Parent
Company along with the Bid Documents as a material obligations”
In addition to betting and gambling corporations, the
BCCI is also rejecting offers from businesses connected to sportswear,
cryptocurrencies, and fantasy games. The BCCI has specified several
requirements for disqualification, such as businesses that are either directly
or indirectly associated with bookmakers and casinos, fantasy sports,
cryptocurrency trading, cryptocurrency exchanges, cryptocurrency tokens, and
alcoholic beverages. Notably, businesses who manufacture sportswear are subject
to an odd ban.
The need for a new title sponsor arose as the previous
deal with the Tata Group concluded after the last season. The upcoming
sponsorship agreement is set to span five years, extending until 2028. The
reserve price of Rs 360 crore is aligning with the value the Tata Group had
been paying for the preceding two seasons