Written by: Rashi Saral
The fervor of IPL amongst the lovers of cricket is unmatchable, but the pandemic across the globe created a situation that put the game in a debate whether it would happen or not. Fortunately, in United Arab Emirates IPL will happen. Besides this, severe tension on the border between China and India grew, and the relations between both the countries turned bitter. On the same notion, the propaganda for banning the Chinese products flared up in India as a result of which the government has banned a plethora of Chinese apps. Consequently, Vivo has withdrawn its sponsorship from the upcoming Indian Premier League.
Dream 11, a fantasy gaming platform, has acquired the title sponsorship of the 2020 Indian Premier League. The BCCI required a new title sponsor for the tournament instead of Vivo, which is a Chinese smartphone manufacturer that has decided to curb the contract for this year.
Brijesh Patel, the IPL governing council, announced that Dream 11 to be the title sponsor of 2020 and the sponsorship amount is Rs.222 crore. The duration of the sponsorship contract is till December 31st. However, the matches would be played in the United Arab Emirates (UAE) from September 19 to November 10, if for any reason the tournament requires further extension; Dream 11 would be its title sponsor till the end of this year.
The BCCI organized the Expression of Interest (EOI) to summon the names for IPL’s title sponsor this year. BYJU’S and Unacademy were the other bidders apart from Dream 11.
In the year 2018, Vivo got the IPL title sponsorship for Rs. 2,199 crore in a five-year deal. And, the company was paying Rs. 439.80 crore annually. But, Dream 11 got the title sponsorship for Rs. 222 crore, which means that BCCI will get Rs.217.80 crore less than the previous deal.
For BCCI, it’s quite a relief to get the sponsorship in the times of COVID when the world is going through a terrible economic slowdown, and BCCI has considered it a positive decision. “In the short time, we are happy that we have got Rs 200-plus crore, because this is only for this IPL and the contract is valid till December. I think it’s a good bid,” Patel said.
But, we cannot turn our face from the fact that Dream 11 has an association with Chinese internet giant Tencent Holdings Ltd. as a financial partner. Last year, it became India’s first gaming start up at over $1 billion. BCCI is stressing on the fact that Dream 11 is purely an Indian Company.
What do you think about the Dream 11’s Titles sponsorship in this IPL? Post your comments below and Like and subscribe to Business View Magazine.
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