IPL sponsorship for the tournaments 2020 edition seems to undergo regular change with the retail corporation Future Group now pulling out of the central sponsorship pool. Earlier, Chinese smartphone manufacturer company VIVO had terminated its five-year contract with IPL owing to the rising tensions between India and China and the backlash Chines companies faced from the audience.
VIVO has been replaced by a fantasy sports platform Dream11 that outshined others who had expressed interest in buying the title rights for the famous cricket league which includes Tata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 even Reliance Jio. Dream11 currently holds a three-year contract which is subject to the return of VIVO as title sponsors next year.
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As per the latest developments regarding IPL sponsorship, Future Group had recently undergone huge losses due to pandemic and is now in phase to restructure itself and decided to pull out of the sponsorship pool.
It’s reported that with only four current IPL sponsors – Dream11, Tata Motors (Altroz), PayTM, and Ceat Tyres, Unacademy is expected to replace Further Group as sponsors. The educational company Unacademy has allegedly shelled out 120 to 130 crore of rupees to bag the IPL sponsorship rights for a period of three years.
A formal announcement is however still awaited and is expected to be made in coming two to three days. Unacademy had earlier lost the title sponsor rights to Dream11’s winning bid of Rs 222 crore.
With Dream11 now the title sponsor, there seems to another slot vacant in the central sponsorship pool which is believed to be filled by CRED which a credit card company. Certainly, IPL 2020 is creating a tough buzz in the media even before the tournament has begun the date of which is September 19.
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