Pepsi are now officially the new IPL title sponsors

Cola giant Pepsi have been named as the new sponsors of the Indian Premier League (IPL) title after their bid of Rs 396.8 crore turned out to be the highest.

Pepsi are set to replace DLF, who had been the title sponsors for the first five editions of the star-studded Twenty20 tournament.

During the inaugural edition of the IPL in 2008, DLF had paid Rs 200 crore to earn the rights to sponsor the title, but after five years of support, the company have decided to end all ties with the Twenty20 tournament and are now looking to branch out into other sports.

Apart from Pepsi, Aircel was the only other company to bid for the title rights, but lost after their bid was capped at Rs 316 crore.

Dr Farooq Abdullah, who is the chairman of the Board of Control for Cricket in India’s (BCCI) marketing committee, said: “The BCCI is very pleased to welcome PepsiCo as a central partner of the IPL.  The value of the winning bid reflects the growth and success of the IPL.”

IPL chairman Rajeev Shukla also congratulated Pepsi for their winning bid, and said: “PepsiCo are one of the largest sponsors in world sport and we look forward to working with them over the next seasons. I would also like to take this opportunity to thank DLF for its confidence in the IPL to become the league’s first title sponsor in 2008.”