The BCCI has sold the title sponsorship of the IPL for the next five years to PepsiCo for Rs. 396.8 crore ($71.77 million approx), almost double the previous deal.
The only other contender for the rights was Airtel, a telecommunications company, who bid Rs 316 crore ($57.27 million approximately).
DLF, a real estate company, were the previous title sponsors and they had paid Rs 200 crore ($36.25 million approx) for the five year period from 2008-12.
“So far our record of selling various properties of IPL has been very good,” IPL governing council chairman Rajiv Shukla said after a meeting of BCCI’s marketing committee in Mumbai. “We have doubled, tripled or quadrupled the amount while selling some of the properties.
“PepsiCo is 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.”