IPL agrees $50 million title deal
The Indian cricket board's official Twenty20 League (IPL) has secured five-year title sponsorship rights worth over $50 million ahead of its launch in April.
Indian real estate developer DLF won the deal with a bid of 2 billion rupees ($50.3 million).
"We had a minimum bid price of 125 crore (1.25 billion). We are very happy with the bid we got," IPL chairman Lalit Modi told reporters.
The IPL, expected to involve many of the game's top players, is an effort to counter an unofficial Indian Twenty20 league that began late last year.
The 44-day IPL starts on April 18 and will feature eight franchises in its inaugural season.
"At DLF, we always emphasise on nurturing and recognising talent and this is one more achievement towards nurturing professional talent for the game of cricket in this country," Rajeev Talwar, group executive director, DLF Limited, said in a statement.
Organisers announced last month they had secured a 10-year rights contract worth more than $1 billion. Television rights were worth $918 million, with another $100 million for the league's promotion.
More than 80 international cricketers are expected to feature in a players' auction in Mumbai on Feb. 20 with each franchise having a cap of $5 million.