Two weeks ago, smartphone manufacturer Vivo suspended their contract as the title sponsors of the Indian Premier League (IPL) on the account of Chinese companies facing adverse reactions in India. As per the latest buzz, Dream11 a fantasy sports platform has replaced Vivo and is now the new title sponsors for IPL 2020.
Mr. Patel, the chairman of IPL told PTI: “Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of ₹222 crores”.
Dream11 is a start-up by two Indian entrepreneurs and has made a three-year bid for the title sponsorship rights of the Twenty20 format tournament. However, this is subject to the return of Vivo as the title sponsors next year. In case Vivo fails to return to the table, Dream11 continues to hold the name of title sponsors till the 2022 edition of the league. In 2017, Vivo had replaced the soft-drink giant PepsiCo. and had bagged the title sponsorship rights for a total of 5 years.
Sourav Ganguly had reacted to the suspension of the contract with Vivo and said: “wouldn’t call it a financial crisis. It is just a little bit of a blip”. He further added “you keep your other options open. It is like Plan A and Plan B”.
The new title sponsors outshined others who had expressed interest in buying the title rights for the famous cricket league which includes Tata Sons, educational platforms like Byju’s and Unacdemy. Dream11 even went ahead to outbid Jio Communications and Baba Ramdev’s Patanjali. Amongst these, Tata Sons were seen as the top contender to claim the rights.
The winning bid sums up to an average of Rs. 234 crore per year and the break up of the bid is as follows – Rs. 222 for the first year, and Rs. 240 crore each for the second and third years. The remaining bids were – Rs. 210 crores by Unacademy, Rs. 180 crores by the Multinational Group Tata Sons and Rs. 125 crores by Byju’s.
IPL was earlier to kickstart from the 29th of March, however, due to the pandemic, the dates were postponed. Also keeping in foresight the number of cases in India the venue of the tournament has bee shifted to United Arab Emirates (UAE) and will now begin on September 19.
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