Chinese phone manufacturer Vivo Mobiles Replaces global food and beverage giant PepsiCo as the new title sponsor of the IPL

 

The BCCI also named Chinese phone manufacturer Vivo Mobiles as the new title sponsor of the IPL replacing global food and beverage giant PepsiCo who, according to local media reports, wanted to end its title sponsorship due to issues that have brought the game into "disrepute"

PepsiCo bagged the IPL title sponsorship rights in 2012 for five years (2013-17) for 3.97 billion Indian rupees ($61.37 million), almost double that DLF, India's biggest listed property developer, paid for the rights from 2008-12.

"Vivo is to give the bank guarantee in next ten days," the BCCI said

Note

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.