The Board of Control for Cricket in India (BCCI) was on a hunt to lock down the title sponsor for this year’s Indian Premier League (IPL) after suspending their contract with Chinese mobile phone company Vivo. The latest update about the same says that the cricket fantasy league platform named Dream11 has been named as the new title sponsor of the IPL 2020.
The cricket fantasy league platform outbid companies like Byju’s, Unacademy, and Tata Sons to bag the title sponsorship for the much-awaited money-spinning league.
IPL Chairman Brijesh Patel said that Dream11 bid Rs 222 crore for having the title sponsorship rights for the IPL. On the other hand, Unacademy has bid Rs 210 crore, Tata Sons big Rs 180 crore and Byju’s had bid Rs 125 crore.
Earlier this month, the cricket governing body in India had to suspend its contract with Chinese mobile phone company Vivo due to the India-China border clash. The 5-year contract ending in 2022 paid Rs 440 crore per year.
Speaking of the same, BCCI president, Sourav Ganguly had said that the suspension of sponsorship with Vivo isn’t a financial crisis for the board. He rather called it just a blip.
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It is speculated that Dream 11 will remain the IPL 2020 title sponsors for four months, starting from August 18 to December 31, 2020.
The IPL is now staged in the UAE due to the rise in the COVID-19 cases in India. The tournament will begin on September 19. It was originally scheduled to begin from March 29 but was indefinitely postponed because of the lockdown.
IPL 2020 will be played in the UAE behind closed doors. Sharjah, Abu Dhabi and Dubai will host the 53-day tournament which will conclude on a Tuesday for the 1st time in its 13-year-history.