Chinese phone brand Vivo will most likely pull out their sponsorship for the IPL ahead of the upcoming 2020 season.
IPL’s primary sponsor Vivo is on the verge of withdrawing their sponsorship due to diplomatic issues between India and China. Yet, no official statement has been released by the two parties to confirm the development of the situation.
Having won the bid in 2017 for ₹2199 crore, Vivo’s sponsorship deal with IPL was for five seasons -- specifically, for seasons 2018-2022. With such a high bet made by the company, there has been a 454% jump on the value of title contracts which had been made from 2012 to 2017.
Despite having no issued statement yet, the BCCI has already hinted on Twitter that they are reviewing their sponsorship deals. Their tweet read, ‘Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL's various sponsorship deals’.
As per the franchises, they will not be affected financially as long as the IPL can find a replacement for the main sponsor. This is because of the fact that the ₹220 crores from the title rights deal would be evenly split among the 8 franchises, letting them each have a share of an estimated of ₹25 crores each.
The upcoming season of IPL 2020 will be held from September 19 to November 10. To learn more about this prestigious cricket league, head over to Betwala.
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