IPL Signs Pepsi As New Title Sponsor Until '17 For More Than $71M
The Indian Premier League "showed it has not lost its sheen as a brand when it roped in" Pepsi as title sponsor for the next five years, according to the GULF NEWS. Pepsi, which has been associated with cricket sponsorships in India for more than two decades, offered $71.93M "to outbid" mobile service provider Aircel for the rights. IPL Chair Rajeev Shukla said that the contract is for a five-year period and will end in '17. Realty firm DLF ended its five-year association with the IPL as the title sponsor in August, and the Board of Control for Cricket in India floated the tenders last month (GULF NEWS, 11/21). The PTI noted the title sponsor rights include "a number of branding and other marketing benefits" at every IPL match during the season, as specifically outlined in the Invitation to Tender. Pepsi Marketing Exec Dir Deepika Warrier said, "The IPL is a tremendous product. It is a brand which rivals any other sporting brand across the world" (PTI, 11/21).