-
ALSO READ
Tata joins Unacademy, Dream11; submits EoI for IPL title sponsorship rights
IPL title rights: BCCI likely to ask Dream11 to revisit bids for 2021, 2022
BCCI announces edu-tech firm Unacademy as Official IPL Partner till 2022
Dream11 to be IPL title sponsor for 2020; BCCI rejects 2021 and 2022 bids
Fantasy sports catch the fancy with Dream11 winning IPL title rights
-
Chinese mobile manufacturing company Vivo, which had suspended its IPL title sponsorship rights for 2020 edition, is eyeing an exit from the Indian Premier League by transferring its rights to interested bidders, which may include fantasy gaming platform Dream11 and edu-tech start-up Unacademy.
Dream11 had been the IPL title sponsors for the 2020 edition, winning the rights for Rs 222 crore, which was nearly half (Rs 440 crore) of what Vivo was paying annually for a five-year deal.
It is understood that in the prevailing situation when Sino-India geo-political relations are in a sensitive state, Vivo understands that it's not prudent to continue the association with two years still left.
"It's almost final that Vivo will exit the IPL title sponsorship deal by mutual consent with the board. It was suspended for the 2020 edition. However there is a clause which allows them to transfer their pending liabilities as one-time title sponsors on the new winner. If board agrees on principle, it can happen," a senior BCCI source told PTI on conditions of anonymity.
With IPL set for 9 or 10-team expansion in 2022, it is expected that the new bidder will get at least a three-year title sponsorship rights.
"Dream11 and Unacademy will place their offers to Vivo. Unacademy in any case is an associate sponsor and they are ready to offer a higher amount in order to acquire the rights from Vivo," an industry insider tracking developments said.
It is learnt that MPL, which is Indian team's kit sponsors may not be allowed to bid for title sponsorship as Dream11 has been a title partner and will get what they call in sponsorship parlance "category exclusivity".
BCCI brass are expecting that a clearer picture might emerge by the weekend once Vivo gets a concrete final offer.
"Look, Vivo paid approximately Rs 440 crore (Rs 2190 crore for 5 years). Now if BCCI invites bids, just like last year when Dream11 paid Rs 222 crore, it might increase but can't be doubled. But if there is a transfer of rights, the old amount could be matched or even bettered," the source said.
The IPL will have a mini-auction on February 18 in Chennai with a maximum of 61 slots up for the grabs.
"Since the title rights transfer will take some time, the Vivo logo is expected to be used during the February 18 auction.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
