Mumbai, Dec 12 : The Governing Council of the Indian Premier League (IPL) on Tuesday invited bids from reputed entities for acquiring the Title Sponsor Rights for the Indian Premier League Seasons 2024-2028.
The Invitation to Tender (ITT) document will be made available on receipt of payment of a non-refundable fee of Rs 5 lakh plus any applicable Goods and Services Tax, BCCI said in a statement here.
The document will be available for purchase till January 8, 2024, and merely purchasing it does not entitle any person to bid, it said.
The highest bid submitted by the parties will be subject to Tata Sons Private Limited exercising its ‘Right to Match’ such bid (RTM), BCCI said.
Consequently, Tata will have the right (but not an obligation) to match the Highest Bid within 5 working days of the opening of the financial bids and notify its intent to the 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.
BCCI reserves the right to cancel or amend the bidding process at any stage in any manner without providing any reason.
Prohibited brand categories Brand Categories are alcohol products, betting, cryptocurrency, real money gaming (not including fantasy sports gaming), tobacco, and one which is likely to offend public morals such as, including but not limited to, pornography.
