The Indian Premier League, undoubtedly, is one of the most popular cricket leagues in the world. The razzmatazz and money associated with the cash-rich league has been well documented and the title sponsorship of the event is an indicator of the eye-popping valuation the franchise-based league enjoys.
The Chinese smartphone–giant Vivo had a five-year contract of title sponsorship from 2018 to 2022 with the Board of Control for Cricket in India (BCCI). However, it opted out of the Indian Premier League 2020 in response to growing opposition to a Chinese brand backing the tournament following the Galwan stand-off. The company received a lot of backlash on social media as a result of which it decided to put a halt on its longstanding deal with the BCCI for this year.
After this, the Indian Board had once again opened the doors for the bids for this years’ title sponsorship. Their search ended on Dream11, a start-up pioneered by two Indian entrepreneurs, who would be paying Rs 222 crores for this year. The fantasy sports platform won by outbidding companies like BYJU’s and Unacademy.
Dream11 still in discussing terms with BCCI
Though they have won the IPL title rights for the 2020 edition, it is still to be decided whether they would continue for the next two editions. The sports platform will need to raise the amount for the next year as the BCCI is unwilling to settle for the current offer.
According to BCCI sources, the board has not officially announced Dream11 as the title sponsor for the very same reason. The two are still in discussing terms regarding the bid amount for the year 2021 and 2022.
“It was always clear that the highest bidder may not get the title rights (it was specified by the BCCI before accepting the Expression of Interest from bidders). Having said that, Dream11 has bid the highest and are still favourites to get it, a few issues are still being ironed out before an official announcement comes,” a veteran BCCI official said as quoted by Hindustan Times
As of now, the break up of Dream11’s winning bid reads Rs 222 crore for the first year, Rs 240 crore for year two and Rs 240 crore for year three, for an average of Rs 234 crore per year. However, the BCCI is not ready to settle for this as Vivo will be paying a handsome amount of Rs 440 crores if it comes onboard next year.
“If it’s for only year 2020, then Rs 222 crore works fine. But it was a conditional bid for three years. We still have our deal with Vivo on,” he said. We haven’t closed it as it’s a pause. If we are getting Rs 440 crore, why will we settle for Rs 240 crore?” the official added.
In this scenario, Dream11 either needs to accept a four-month 13 days deal of Rs 222 crores or increase the bid for 2021 and 2022.
Source: The source of this content is our cricket news platform Crictracker.
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