New Delhi: From its sixth season onwards, the Indian Premier League will be called the Pepsi Indian Premier League, after the soft drink giants won the title rights for a period of five years at a staggering Rs 396.8 crore.
DLF snapped its ties with the cash-rich league last year after its five-year contract ended, making it clear that they are not going to renew the contract, reportedly owing to the dipping TRP ratings and increased in the number of controversies on and off the field.
DLF purchased the exclusive rights to the league in 2008 for over Rs 200 crore, but the real estate major felt it was not commercially viable to be associated with the lucrative Twenty20 tournament.
Previous sponsor DLF snapped ties last year after not finding the league commercially viable anymore.
"So far our records of selling various properties of IPL has been very good. We have doubled, tripled or quadrupled the amount while selling some of the properties," IPL Chairman Rajeev Shukla told reporters after the meeting of the IPL Governing Council.
Deepika Warrier, Executive Director Marketing of Pepsico Beverages, said she was very happy that the company has reaffirmed its commitment to cricket.
"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," she said.