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Chennai Super Kings Secure Skoda Deal, Chasing IPL Commercial Supremacy
Three-time Indian Premier League (IPL) champions, Chennai Super Kings, have secured a multi-year sponsorship agreement with Czech carmaker, Skoda.
The brand will become the principal partner of the South Indian cricket franchise replacing three-year sponsor Muthoot Group, a local financial services company.
The new three year deal with Skoda is reportedly worth US$10.2 million – seeing CSK raising the value of its principal partnership by 14.6% despite having a wretched season in last year’s IPL tournament.
The prior agreement with Muthoot Group was also one of the largest in the world’s most lucrative T20 cricket competition, adding US$8.9m per year to CSK’s coffers.
Despite a difficult season and recording a 22% loss in brand value last year, primarily due to the COVID-19 pandemic, CSK remain the IPL’s second most valuable franchise at US$59.8 billion, right behind the Mumbai Indians at US$70.3 billion
The 2021 IPL season is poised to start in April, with Mumbai the reigning champions for the second year running, having trounced CSK.
The Ambani backed Mumbai Indians have also enjoyed a bumper year for sponsorship in 2020, signing new partnerships with Colgate, Cadbury Dairy Milk, Marriott Bonvoy and Bacardi-owned scotch William Lawson while maintaining existing deals with Samsung, Usha, Colors and Jio.
