Speaking on the development, IPL Chairman Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years".
The bid, close to Rs 440 crore per season, is at a 267% premium over the base price of Rs 120 crore set by the Board of Control for Cricket in India. Vivo's two-year term as IPL title sponsor ended with the 2017 edition of the cash-rich league. The deal was announced in May 2017 and it is valued at Rs 300 crore.
Incidentally, Oppo, which trumped Vivo in securing Indian cricket team's jersey rights earlier this year, was the second highest bidder at Rs 1,430 crore.
Vivo has previously partnered with IPL and was the title sponsor for the last two seasons for a whopping amount of Rs 200 crore for the year 2016 and 2017. "They bid Rs 2,199 crore, 554 per cent increase over the previous contract", the IPL's official handle tweeted.
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Vivo's renewed title sponsorship begins August 1 and ends on July 31, 2022.
Earlier this month, Vivo bagged a sponsorship deal with Federation Internationale de Football Association to become the official smartphone partner for all Federation Internationale de Football Association events including the 2018 and 2022 World Cups.
VIVO had taken over from soft drinks maker Pepsi in 2014-15. PepsiCo, which had signed a five-year deal worth Rs 396 crore in 2012, had pulled out from the deal owing to the 2013 spot-fixing and betting scandal.
Back in 2008, DLF was paying Rs 40 crore a year, which shows that the value of the IPL has risen 10 times from a sponsorship perspective.