The country's largest realty firm DLF has decided to terminate its association with Indian Premier League as the title sponsor of the event.
According to a report in The Hindustan Times, the company, however, said it will promote other sports and is currently exploring various such platforms for association. It had last week gifted luxury sports utility vehicle 'Audi Q5' to four Olympic medal winners from Haryana.
"We have just stepped off the IPL. Sponsoring IPL over the last five years was a strategic decision wherein we wanted to establish our brand presence across India as the leading real estate player," DLF Group Executive Director Rajeev Talwar was quoted in the report.
"The last date for renewal of the contract was July 28 and the company did not do it. The firm has the first right of refusal for title sponsorship of the T20 league," added Talwar.
According to The Economic Times, DLF has called off the five years association which saw DLF shelling out over 200 crore, because the company feels it is no more viable to be associated with the tournament.
Rajiv Talwar said that that IPL has helped the company create a nationwide platform for brand building but that then every decision has to be made keeping in mind the business sense.
Meanwhile, Ratnakar Shetty, chief administrative officer, BCCI said, "There are a lot of people who are waiting for an opportunity. We will initiate the process in a month.”
According to a person aware of the matter, the cricket association is looking for a significant increase in sponsorship revenues and has even hiked the amount required to be invested by those who wish to stay associated with the IPL.
"The BCCI is looking at almost three to four times the price of the original sponsorship deals signed in 2008. For the title presenter, they are eyeing anywhere between Rs 750 crore and Rs 800 crore,” the person close to the development was quoted in the ET report.
