It's Pepsi IPL now...
Pays Rs 396.8 crore to win title rights of IPL for the next five years
Food & beverage giant PepsiCo has bagged the title sponsorship of the Indian Premier League for the next five years paying nearly double the amount coughed up by erstwhile sponsor DLF, which paid Rs 200 crore for the rights.
Dr Farooq Abdullah, chairman of the BCCI Marketing Committee said, “The BCCI is very pleased to welcome PepsiCo as a central partner of the IPL. The value of the winning bid reflects the growth and success of the IPL.”
DLF had backed out of an extension citing a hike in sponsorship rates. The Board of Control for Cricket (BCCI) had expected getting nearly four times the amount it was paid by DLF for the title sponsorship, but had to settle for two times the amount, persons in the know said.
Rajeev Shukla, chairman - IPL Governing Council added “PepsiCo are one of the largest sponsors in world sport and we look forward to working with them over the next seasons. I would also like to take this opportunity to thank DLF for its confidence in the IPL to become the league’s first title sponsor in 2008.”
IPL has been plagued with lower viewer interest in the last few years as controversies coupled with a predictable format took the sheen off the sport. According to a Brand Finance Report, the current brand value of IPL stood at $2.92 billion versus $4.13 billion in 2010. Television ratings have also come down from an average of 4.81 in season one to 3.27 during the fifth season this year.
PepsiCo and Airtel incidentally were the only bidders for the title sponsorship rights this year.