The Board of Control for Cricket in India (BCCI) invited third parties to express their interest (EOI) in acquiring the title sponsorship rights (Rights) for the Indian Premier League (IPL) 2020 which will be held in United Arab Emirates (UAE) from September 19, 2020 to November 10, 2020.
The development comes a week after Vivo’s exit. Interested parties need to buy the bid document by August 14 with the BCCI announcing the wining bid four days later.
The BCCI has also made it clear that only companies with an annual turnover of at least Rs 300 crore (US$ 40 million approx.) would be eligible to bid for the IPL title sponsorship.
In a statement released, the board revealed that each EOI should-
· contain the full name and address of the relevant third party; and
· indicate the product category or product categories in respect of which the third party is interested of being appointed as a Title Sponsor for IPL 2020; and
· provide last audited accounts evidencing a turnover of INR 300 Crores (Indian Rupees Three Hundred Crores only).
Meanwhile, the Rights and the product categories will be discussed after the delivery of EOIs, with each third party having submitted an EOI and to clarify, third parties need not include any indicative level of fees for acquiring the Rights in their EOIs.
The BCCI also stated that bidding the highest amount may not fetch the rights for a company if the board is not satisfied with its plans on commercialising its most precious property.
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