CEAT Tyres to sponsor IPL for three years
Published On 07-Jun-2016 03:05:22
One of the India's leading tyre makers and the flagship company of RPG Enterprises, CEAT Tyres, joined hands with the Board of Control for Cricket in India for three years. The CEAT Tyres will be sponsoring the Indian Premier League (IPL) for an estimated Rs. 12-15 crore per year.
The deal between the two has been made by Professional Management Group, which is owned by Sam Balsara's company Madison World and Sunil Gavaskar, former Indian cricketer. IPL seasons 8, 9 and 10 will be covered under this partnership.
Each IPL match has four timeouts of 2.5 minutes each and all the money that will be earned will go to the central revenue pool and will be shared amongst the team as well. Last month, CEAT Tyres was finalised as the strategic timeout partner following an IPL governing council meeting.
In 2010, a mobile manufacturer company, Maxx, had signed a contract with the IPL as a strategic timeout partner for three years. However, the company cancelled the deal in 2011. During the partnership, Maxx had to pay around Rs. 60 crore for three years, but paid only Rs 25-30 crore for two years. There has not been any strategic timeout partner for IPL since 2011, after Maxx stepped out from the same contract.