Fantasy cricket platform Dream 11 has officially bagged the title sponsorship for IPL 2020 after Vivo backed out.
Just recently, Chinese phone manufacturer Vivo pulled out their title sponsorship from IPL 2020 due to territorial dispute between China and India. With that, the BCCI has struggled to find a last-minute replacement for Vivo. After conducting bidding for primary sponsors, fantasy cricket platform Dream 11 now owns the title sponsorship for the league.
During the bidding process, Dream 11’s winning bid of ₹222 crore outbid Unacademy’s ₹171 crore and Byju’s ₹201 crore. The deal which had been sealed by Dream 11 will run from August 18 to December 31, 2020.
Originally, Vivo acquired the title sponsorship for a whopping ₹2,199 crore for a five-year deal. With that, the BCCI was supposed to receive ₹439.80 crore annually from the sponsor. As they backed out and as Dream 11 acquired the said title sponsorship for ₹222 crore, the BCCI will be getting less ₹217.80 crore for this year’s season.
Still, the BCCI considers it to be a good deal. As per IPL chairman Brijesh Patel, ‘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’.
IPL’s longest season will be played in UAE starting from September 19 to November 10. To learn more about this league, visit Betwala.
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