NEW DELHI: Indian conglomerate Tata Group has bagged the title sponsorship of the Indian Premier League (IPL) for 2024-28 for a "record-breaking" US$300 million (RM1.4 billion), the league organisers said on Saturday.
Backed by celebrity franchise owners and featuring the best players in international cricket, IPL has become the world's richest T20 tournament with an estimated brand value of US$8.4 billion.
It has been a cash cow for the Indian cricket board (BCCI) with the 10-team league's 2023-27 media rights fetching US$6.2 billion.
Tata Group has been the title sponsor of both the men's IPL and the Women's Premier League, which took off last year.
"The unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international sports stage," BCCI secretary Jay Shah said in a statement.
Some IPL franchise owners have gone on to buy teams in T20 leagues in the United Arab Emirates, South Africa, West Indies and the United States.
With the IPL franchises offering lucrative multi-league contracts that most cricket boards cannot match, the Indian league's growth may deepen concerns about players prioritising T20 leagues over international cricket.
"The record-breaking sum... is a testament to the immense value and appeal that the IPL holds in the world of sports," league chairman Arun Singh Dhumal said.
"This unprecedented amount not only sets a new benchmark in the history of the league but also reaffirms the IPL's position as a premier sporting event with global impact."
(Reporting by Amlan Chakraborty in New Delhi; Editing by Hugh Lawson) - Reuters
