PL 2020: Sports fantasy company Dream11 has won the title sponsorship rights for the 13th edition of the tournament with a winning bid of Rs 222 crore.
Dream 11 has bagged the title sponsorship rights for IPL 2020 (Courtesy by BCCI)
- Dream11 wins IPL 2020 title sponsorship rights
- The fantasy sports platform made a winning bid of Rs 222 crore
- The IPL 2020 title rights will be available for period of more than 4 months
Fantasy sports platform Dream11 has been announced as the new title sponsors for the Indian Premier League 2020. Dream11 won the rights with a bid of Rs 222 crore in Tuesday’s bidding process. The company will replace Chinese mobile manufacturer VIVO after it pulled out of the 13th edition of IPL over Indo-China border tensions.
The IPL 2020 will be held in the UAE from September 19 to November 10 in three cities — Sharjah, Abu Dhabi and Dubai. The BCCI on August 10 invited Expressions of Interest for the title sponsorship, saying companies with a turnover of over Rs 300 crores will be allowed to bid.
Dream11 outbid online education platforms Byju’s, Unacademy on Tuesday. Tata Group, which had submitted Expression of Interest (EOI) did not bid on Tuesday. While Dream11 made a bid of Rs 222 crore, Byju’s bid Rs 201 crore and Unacademy Rs 170 crore.
VIVO was paying the BCCI Rs 440 crore annually for the 5-year deal which they bagged in 2017 by bidding a whopping Rs 2,199 crores in 2017.
The IPL 2020 title rights, the BCCI had said, would be available for the period from August 18, 2020 to December 31, 2020. Dream11’s parent company Dream Sports was founded in 2008 and provided multiple avenues for fan engagement. According to their website, Dream Sports has more than 8 crore users. Dream11 is already associated with the BCCI.
VIVO’s pull out due to border tensions between India and China 45 days ahead of IPL 2020 was seen as a setback to the cricket board, considering title sponsorship is a significant part of the tournament’s commercial revenue.ADVERTISEMENT
BCCI made it clear that it may not award the title rights to the highest bidder but the decision will depend on a lot of factors, including the impact of the company on ‘brand IPL’. However, Dream11 has walked away with the title rights with the highest bid.
BCCI president Sourav Ganguly had said earlier this month that the VIVO pull-out is not a financial crisis and that BCCI is strong enough to handle ‘blips’.
“I wouldn’t call it as a financial crisis,” Ganguly said while speaking during a webinar organised by Learnflix.
“It’s just a little bit of a blip. And the only way you can do it is by being professionally strong over a period of time. You keep your other options open. It is like Plan A and Plan B. Sensible people do it. Sensible brands do it. Sensible corporates do it. BCCI, it’s a very a strong foundation – the game, the players, the administrators in the past have made this game so strong that BCCI is able to handle all these blips.”