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VIVO replaces PepsiCo as Indian Premier League title sponsor

Image Credit: Getty Images.

Image Credit: Getty Images.

In the BCCI Working Committee meeting on Sunday - the board gave the IPL title sponsorship for the next two editions to Vivo, a Chinese electronics manufacturer, sources told CNN-IBN.

The Board of Control for Cricket in India (BCCI) on Sunday decided to assign the IPL title sponsorship right to Chinese mobile brand Vivo, replacing US snacks and beverage major PepsiCo.

The decision was made during the BCCI Working Committee meeting in Mumbai.

“The IPL title sponsorship right has been assigned to M/S Vivo mobiles. Vivo is to give the Bank Guarantee in next ten days," the BCCI said in a release.

PepsiCo had bought the title rights of the tournament in 2012 for the period 2013-2017 for Rs 396 crore, which was nearly double of what IPL’s previous sponsor, DLF, paid for the previous five-year period. PepsiCo’s decision to end its deal with IPL was reportedly caused by the spot-fixing scandal which shook the game in 2013.

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Although the company did not come on record to specify the reasons but it was reported that PepsiCo felt the spot- fixing scandal had brought the IPL in disrepute.

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 and the Supreme Court appointed the Justice Mudgal committee to investigate the scandal.

The Supreme Court appointed the Justice RM Lodha panel and the quantum of punishment was decided, with CSK and Rajasthan Royals banned from the tournament for two years.

Meiyappan and Kundra, on the other hand, were banned for life.

Among other decisions taken at today’s meeting, Nike was retained as the apparel sponsor of the Indian cricket team.

“Nike Contract as the official apparel sponsors of the Indian Cricket Team has been extended," the BCCI said.