VIVO has been confirmed as the sponsor of the 2021 Indian Premier League edition by Brijesh Patel, chairman IPL, duirng his welcome address at this year's auction in Chennai on Thursday.
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Earlier, various reports suggested that Vivo was looking to exit the deal with the cash-rich league due to political pressure mounting from ongoing Indo-China border dispute.
But as per the five-year VIVO-BCCI contract signed in 2017, the mobile phone makers cannot 'exit' but 'assign' their rights to a company willing to pay the cricket Board the full amount agreed upon.
The five-year deal between BCCI and Vivo starting 2018 was of whopping Rs 2,199 Crores. It was to end in 2022. Vivo has so far paid BCCI 363 crores in 2018 and 400 crores in 2019.
