Mumbai, Nov 21: Pepsi has been confirmed as the new title sponsor of Indian Premier League (IPL) from next year till 2017, it was announced by Board of Control for Cricket in India (BCCI) on Tuesday.
A BCCI media release said that two eligible bids were received and Dr Farooq Abdullah, Chairman of the Marketing Committee, announced that the rights had been won by PepsiCo with a bid of Rs 396.8 crore over the five seasons. The BCCI Marketing Committee met on Tuesday to open the tender for the rights to be title sponsor of the IPL for the five seasons commencing in 2013.
PepsiCo pipped Airtel's bid of Rs 316 crores. PepsiCo's bid is double the Rs 200 crore paid by DLF in the first five seasons of the IPL.
Dr Abdullah commented "the BCCI is very pleased to welcome PepsiCo as a central partner of the IPL. The value of the winning bid reflects the growth and success of the IPL ".
IPL Governing Council Chairman, Rajeev Shukla added: "PepsiCo are one of the largest sponsors in world sport and we look forward to working with them over the next seasons. I would also like to take this opportunity to thank DLF for its confidence in the IPL to become the league's first title sponsor in 2008."
A PTI report quoted Deepika Warrier, Executive Director Marketing of Pepsico Beverages, saying: "We have been associated with cricket for the last 20 years. The IPL is a tremendous product. It is a brand which rivals any other sporting brand across the world."
DLF had signed for five years to be the title sponsor of the Twenty20 league from 2008 to 2012. However, they did not renew their contract this year.
Next year's IPL 6 will begin in April and will now be called Pepsi IPL. This year, Kolkata Knight Riders won the title defeating Chennai Super Kings.