Popular Fantasy sports platform Dream11 has secured the much talked about title sponsorship for IPL 2020 for a whopping 222 Crores. They overtook Byju’s and Unacademy to bag the lucrative deal. This title sponsorship will be for a period of one year, given the present political tensions between India and China, which forced the previous Chinese sponsors Vivo to pull out of the deal for this year.
Fantasy Sports giants Dream11 will be the title sponsor of the thirteenth edition of the Indian Premier League. They secured the deal for a whopping 222 Crores. Before the bidding, the Multinational Group Tata Sons along with the digital education technology platform pioneer’s Byju’s and Unacademy were considered the favourites to bag the lucrative deal.
But contrary to popular expectation, Dream11 came out of nowhere and placed a 222 Crore bid, leaving behind Byju’s and Unacademy who placed 125 Crore and 210 crore bid respectively. Tata Sons came third in the race as they placed a 180 Crore bid. Indian business giants Patanjali and Jio Communications were also part of the bidding process, but their offer came nowhere near the bid offered by Dream11.
The previous sponsor VIVO, a popular Chinese mobile manufacturing giant will return as the title sponsor of the league from next year onwards. They pulled out of sponsorship a few weeks before, owing to the social media backlash they received from the Indian audience due to the current political tension between India and China. The BCCI and IPL GC were also at the receiving end of these social media attacks.
This unexpected move forced the BCCI to publish a tender in quick notice to acquire a new sponsor as soon as possible, as the tournament had been already officially scheduled to begin from the 19th of September.
BCCI invited Companies with an overall turnover of above Rs 300 crores, under a condition, that the rights will be available only for the period from August 18, 2020, to December 31, 2020.
Vivo had secured the IPL sponsorship rights for 2200 crore for a period of 2018-2022. Nonetheless, they pay BCCI a staggering amount of Rs 440 crore every year for being the title sponsors. So it is quite obvious that they will return for the same from next year onwards if the current political tension starts to ease.
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