Mobile company Vivo on Sunday replaced PepsiCo as the title sponsor of the high-profile Indian Premier League. The change was necessitated by the beverage giant’s sudden pullout from a five-year deal that was to end in 2017.
The IPL title sponsorship right has been assigned to M/S Vivo mobiles. Vivo is to give the Bank Guarantee in next ten days.
– BCCI Statement
The announcement was made after its all-powerful working committee meeting.
PepsiCo became title sponsors of the IPL in 2013 after they bid a whopping Rs 396.8 crore for five seasons. Before Pepsi, DLF had paid Rs 200 crore to become title sponsors of the tournament from 2008 till 2012.
The company’s decision to end its deal was reportedly caused by the spot-fixing scandal which shook the game in 2013.
In the 2013 season of the IPL, Ankeet Chavan, Ajit Chandila and S Sreesanth were arrested over charges of spot- fixing. This was followed by allegations that Chennai Super Kings team principle Gurunath Meiyappan, and Raj Kundra, co- owner of Rajasthan Royals, were involved in betting.
The BCCI banned the three cricketers for life. The Supreme Court appointed the Justice RM Lodha panel decided that CSK and RR be banned from the tournament for two years.
Meiyappan and Kundra, on the other hand, were banned for life.
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