Mumbai: The Indian cricket board’s official Twenty20 league, the Indian Premier League (IPL), has secured five-year title sponsorship rights worth Rs200 crore ahead of its launch in April, organizers said on Wednesday. Real estate developer DLF Ltd won the sponsorship deal.
“We had a minimum bid price of Rs125 crore,” IPL chairperson Lalit Modi said.
IPL is an effort to counter an unofficial Indian Twenty20 league that began last year. The 44-day league starts on 18 April and will feature eight franchises in its first season.
“At DLF, we always emphasize on nurturing and recognizing talent, and this is one more achievement towards nurturing professional talent,” DLF group executive director Rajeev Talwar said.
Organizers announced last month that they had secured a 10-year rights contract worth more than $1 billion. TV rights were worth $918 million, with another $100 million for IPL’s promotion.
More than 80 international cricketers are expected to feature in a players’ auction in Mumbai on 20 February with each franchise having a cap of $5 million.