The formal clearance was given after a meeting of the IPL Governing Council on Tuesday and both Ahmedabad and Lucknow have also been given a time frame for player signing before the mega auction takes place.
Vivo had a deal of ₹2,200 crore for title sponsorship rights from 2018-2022 but after the 2020 Galwan Valley military face-off between the Indian and Chinese Army soldiers, the brand took a break for a year with Dream11 replacing it.
However, Vivo were back as IPL tittle sponsor in 2021 even as speculation raged that they were looking to transfer the rights to a suitable bidder and the BCCI approved the move.
BCCI Secretary Jay Shah said that along with the Tata group, the board will look to take Indian cricket and the IPL to greater heights.
"This is indeed a momentous occasion for the BCCI IPL as the Tata Group is the epitome of global Indian enterprise with an over 100-year-old legacy and operations in more than 100 countries across six continents. The BCCI like the TATA Group is keen to promote the spirit of cricket across international borders, and the growing popularity of the IPL as a global sporting franchise bears testimony to the BCCI's efforts," said Shah in an official statement.
"We are truly happy that India's largest and most trusted business group has believed in the IPL growth story and together with the Tata Group, we will look to take Indian cricket and the IPL forward to greater heights," he added.
The IPL is all set to be a 10-team tournament in 2022 as RPS Goenka group bagged the Lucknow-based franchise for its highest bid at ₹7,090 crore. Meanwhile, Ahmedabad-based franchise will be owned by CVC Group after CVC Capital made the winning bid at ₹5,625 crore.
The 2022 mega auction will take place in Bengaluru in the second week of February, news agency ANI had reported earlier.
In November last year, all the existing IPL franchises had revealed the list of their retained players ahead of the mega auction of the upcoming season.
MS Dhoni, Virat Kohli, Rohit Sharma, Jasprit Bumrah, Sunil Narine, Andre Russell, and Glenn Maxwell are among some of the big names that the existing franchises have decided to retain for IPL 2022.
The two new IPL franchises -- Lucknow and Ahmedabad have a budget of ₹33 crore to pick three players who go back into the pool before the mega auction begins.
The IPL's first season was played in 2008, and ever since, the league has grown in stature and it is one of the most viewed competitions in the world.
Chennai Super Kings, Mumbai Indians, Royal Challengers Bangalore, Kolkata Knight Riders, Delhi Capitals, SunRisers Hyderabad, Punjab Kings, and Rajasthan Royals have been with the league since its inception. The Hyderabad franchise was earlier named Deccan Chargers but it came to be known as SunRisers Hyderabad after a change in ownership.
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