Updated: August 23, 2020 10:44:13 am
Dream 11, a fantasy gaming platform, has acquired the title sponsorship of the 2020 Indian Premier League (IPL). The BCCI needed a new title sponsor for the tournament after its original title sponsor, Vivo, a Chinese smartphone manufacturer, suspended the contract for this year following a public backlash against Chinese companies amid the ongoing Sino-Indian border dispute. Interestingly though, Dream11, too, has Chinese connection.
What are the sponsorship amount and duration?
The IPL governing council chairman Brijesh Patel confirmed to The Indian Express that Dream11 is the title sponsor of the 2020 IPL and the sponsorship amount is Rs 222 crore. The duration of the sponsorship is until December 31, which means that although the IPL would be played in the United Arab Emirates (UAE) from September 19 to November 10, if for any reason the tournament needs further postponement/deferment, Dream11 would still be its title sponsor until the end of this year.
Who were the other bidders?
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The BCCI invited the Expression of Interest (EOI) to pick the IPL’s title sponsor this year. According to Patel, BYJU’S and Unacademy were the other bidders apart from Dream11.
How much shortfall the BCCI is facing?
In 2018, Vivo acquired the IPL title sponsorship for Rs 2,199 crore in a five-year deal. Accordingly, the company was paying the BCCI Rs 439.80 crore annually. Dream11 has been awarded the title sponsorship for Rs 222 crore, which means that the BCCI would be getting Rs 217.80 crore less from the IPL’s title sponsorship this year.
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What is the BCCI’s reaction to the loss?
The BCCI is rather looking at it in a positive way, because the time to find a replacement sponsor was short and the market is reeling under the Covid-forced economic distress. “In the short time, we are happy that we have got Rs 200-plus crore, because this is only for this IPL and the contract is valid till December. I think it’s a good bid,” Patel told this paper.
But Dream11, too, has Chinese connection?
Yes, Dream11 has Chinese internet giant Tencent Holdings Ltd as one of its financial backers. Last year, it became India’s first gaming startup to be valued at over $1 billion. And the BCCI is stressing on the fact that Dream11 is an Indian company.
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