Dream11 has emerged as the highest bidder for the title sponsorship rights for this year’s Indian Premier League (IPL). Dream11 has been roped in as the title sponsor after Chinese handset maker Vivo withdrew its sponsorship for the current year.
Notably, Dream11 has outbid many other companies that showed interest in sponsoring the cash-rich IPL. Its bid surpassed that of Tata Sons, Unacademy and Byju’s.
While Dream11 quoted a sum of Rs 222 crore for the title sponsorship rights, Unacademy had quoted Rs 210 crore. Tata Sons had quoted a sum of Rs 180 crore, whereas Byju’s had offered Rs 125 crore.
The figure quoted by Dream11 was revealed by IPL chairman Brijesh Patel.
Vivo’s sponsorship withdrawal big loss for BCCI
Under the five-year title sponsorship agreement with Vivo, BCCI was receiving around Rs 440 crore annually.
Thus, even after Dream11 coming onboard, BCCI is incurring a loss of around 50 per cent in selling the title sponsorship rights.
Why Vivo cancelled the sponsorship?
Notably, Vivo had won the IPL title sponsorship rights for five years from 2018 to 2022. The sponsorship was for a reported sum of Rs 2,190 crore, approximately Rs 440 crore per annum. However, it had to withdraw its sponsorship this year after a controversy erupted on social media platforms.
Several cricket fans were unhappy with BCCI going ahead with Chinese sponsorships. They cited the ongoing India-China border dispute in eastern Ladakh. As a result, many had said that they will boycott the tournament if the cricket board allows Chinese sponsors in IPL.
IPL 2020 to be held in September-October
IPL 2020 is scheduled to be held from September 19 to October 8 and it will be held in the UAE. In fact, BCCI has prepared comprehensive SOPs for ensuring the safety of players amid the coronavirus pandemic.
Cancellation of ICC T20 World Cup cleared way for IPL
Interestingly, the cancellation of the ICC T20 World Cup has made way for the conduct of IPL 2020. IPL was supposed to start on March 29. However, due to the coronavirus pandemic, it had to be postponed. In fact, the tournament this year will be organised only because the T20 World Cup has been cancelled.
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