Dream11, the fantasy gaming platform, acquired sponsorship rights of the Indian Premier League (IPL) for the 2020 season on Tuesday. Tata Group was among a number of brands in line to bid for the T20 extravaganza but pulled out at the last time. The company didn’t enter the bidding process itself which left many surprised as they were reportedly leading the race to win the rights.
Eventually, Dream11’s bid of Rs 222 crore proved enough for them to bag the IPL 2020 sponsorship. Two online education technology platforms, Byju’s and Unacedemy, came second and third in the race having bid Rs 201 crore and Rs 170 crore. But the absence of Tata Group altogether left many bewildered and the main reason for the same is the set of conditions from the company which the BCCI didn’t accept.
According to a report in the Times of India, Tata Group was set to make a handsome bid for the IPL 2020 sponsorship but wanted block three categories (brand names under the group). However, the BCCI allows space for only a single-brand activity under the title sponsorship rights. And this is what went against Tata Group. Only one category was available to block and that’s what has not worked in favour of Tatas,” a source said.
Dream11 has made a three-year deal
The TOI report also stated that Dream11 has made a three-year deal with the BCCI for now of Rs 712 crore and will continue at the helm in case Vivo doesn’t return next year. The fantasy platform will be paying Rs 222 crore this year and Rs 240 crore each for the next two years in that case. Vivo India used to pay Rs 440 crore to the BCCI per season for the sponsorship rights.
The amount Dream11 is paying this year is almost half of it. However, the sources claim that this is a fair deal as the board is planning to bring on board two more official partners. “It’s a decent amount considering the prevailing market conditions. The Board will bring two more official partners – Unacademy and Cred – to the table, which means Rs 80 cr more to the kitty,” the sources added.
Source: The source of this content is our cricket news platform Crictracker.
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