Delhi-based developers DLF bought exclusive title sponsor rights to the IPL last year at over Rs 200 crore for five years. This meant that they would have to shell out Rs 40 crore every year to IPL to ensure that they retain the title name as DLF-IPL.
Recently, when rumours were flying thick and fast about DLF thinking of exiting from the contract, the company reiterated their IPL contract for the said period of five years.
However, IPL sources say that DLF’s payment has been reduced by 50%, which means they stand to pay IPL only Rs 20 crore per annum. Sources add that the company had approached IPL, saying they wanted to exit from the contract, but were asked to stay on until a replacement could be found.
However, IPL has found it extremely difficult to find a replacement for even 50% of the deal and therefore DLF has been offered the heavy discount. DLF denied this when contacted.