Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for five years, for a record sum of $300 million, the national cricket board said Saturday.

Tata already holds the title sponsorship for the IPL and its sister competition, the Women's Premier League, which staged its first tournament last year.

Board of Control for Cricket in India (BCCI) Secretary Jay Shah said the "unprecedented financial commitment reflects the immense scale and global impact of the IPL on the international sports stage".

The IPL attracts cricket's top international stars with bumper salaries, and features 10 sides competing in the sport's hugely popular Twenty20 format.

The money-spinning championship has hundreds of millions of viewers and pioneered the T20 franchise model in cricket, which has since been replicated around the world.

Last June, BCCI sold the broadcast rights for the next five IPL seasons to global media giants for an eye-watering $6.2 billion.

IPL chair Arun Singh Dhumal said the Tata group's IPL title sponsorship for 2024-28 "reaffirms the IPL's position as a premier sporting event with global impact".

T20 cricket is set to feature as one of five new sports at the 2028 Olympic Games in Los Angeles after being approved by the International Olympic Committee last year.