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 Rajkotupdates news: Tata Group takes over IPL rights for 2022 and 2023 

Tata Group Takes the Rights for the 2022 and 2023 IPL Seasons

In a major development for Indian Premier League (IPL 2023) fans, Tata Group has secured the rights for the 2022 and 2023 seasons of the popular T20 league. The news was announced on rajkotupdates. news, a leading online news portal, and has set the cricket world buzzing with excitement.

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The Tata Group is a household name in India and has been a part of the country's business landscape for over 150 years. With interests spanning multiple sectors, including steel, automotive, and IT, the group has a strong presence in the country and is known for its reliability and professionalism.

The acquisition of the IPL rights is a significant move for the Tata Group, as it marks the company's entry into the world of sports. The IPL is one of the most-watched cricket leagues in the world, with a massive global fan following. By taking the rights for the next two seasons, Tata has made a bold statement about its intentions to establish itself as a major player in the sports arena.

The IPL has been growing in popularity since its inception in 2008, and it has become a major platform for young cricketing talent to showcase their skills. The league has also been a game-changer in terms of the financial rewards on offer for players and franchises. With the Tata Group now at the helm, the IPL is likely to see a further boost in terms of its overall reach and popularity.

A year after returning as the title sponsors of the IPL, following a suspension, Vivo has stepped away from the deal and Tata Group, the Indian business conglomerate, has stepped in. The Tata Group, which has varied business interests both in India and overseas, will be the IPL title sponsors for the next two seasons (2022 and 2023), after the IPL governing council gave the approvals on Tuesday.

The governing council has also finally provided the letters of intent to the two new IPL teams - based in Lucknow and in Ahmedabad - which now have the ownership rights to operate the franchises they paid record sums to buy last October.

In the wake of the military clashes at the India-China border in June 2020, BCCI decided to sever ties with Vivo, a Chinese mobile and technology company. Vivo had bagged the title sponsorship rights for the period of 2017 to 2022 for approximately US$ 341 million, as an extension of its two-year association from 2015.

But, for the 2020 season, BCCI turned to Dream XI, the gaming company, as an interim replacement for Vivo. However, Vivo made a comeback ahead of the 2021 season. At the time, according to a PTI report, the company was given a "one year concession" since it had missed the 2020 season.

Why the delay in clearing CVC?

On October 25, CVC Capital, a major global private equity fund, bid nearly US$ 750 million to buy the rights to own the Ahmedabad franchise. It was the second-highest bid, only behind that of the RP Sanjeev Goenka Group, which bid nearly US$940 million to bag the rights for the Lucknow franchise. Both the new teams were originally asked by the IPL to buy a maximum of three players by December 25. However, the entire process was stalled after the BCCI decided not give the letter of intent to CVC when it emerged that the company has investments in two betting companies overseas.

With gambling being illegal in India, the BCCI appointed a group of legal experts before it could clear CVC. ESPNcricinfo has learnt that the BCCI gave the nod after it established that the IPL investment comes from CVC's Asian funds, and there is no direct or indirect link with the betting companies CVC owns, as those investments come from its overseas funds.

Both the new franchises now have about ten days to finalise the list players they want before the IPL finalises the auction pool. The auction is scheduled to be held in Bengaluru on February 12 and 13.

The acquisition of IPL rights also presents a massive opportunity for the Tata Group to showcase its technological prowess. With the league becoming increasingly digital, the group's expertise in IT and communications is likely to come in handy. Fans can expect a seamless viewing experience, with cutting-edge technology and innovative features likely to be introduced.

The news of the Tata Group's acquisition of the IPL rights has been met with widespread enthusiasm from fans and industry experts alike. Many have praised the group for its bold move and expressed excitement at the prospect of what the next two seasons of the IPL will bring.

In conclusion, the Tata Group's acquisition of the IPL rights is a significant move for both the group and the league itself. With its vast experience and expertise, the group is well-positioned to take the IPL to new heights and establish itself as a major player in the world of sports. The next two seasons of the IPL are sure to be exciting, and fans can look forward to a world-class viewing experience.