A few days ago, the Board of Control for Cricket in India (BCCI) announced that cricket fantasy league platform Dream11 as the title sponsors for this year’s Indian Premier League (IPL). However, the company will not stay on board for the upcoming two seasons of the money-spinning tournament. The company’s conditional three-year deal was rejected due to ‘low’ bid amounts for 2021 and 2022.
Dream11 outbid companies like Byju’s, Unacademy, and Tata Sons to bag the honour to be the title sponsor for IPL 2020. The cricket fantasy league platform made a whopping bid of Rs 220 crores, replacing the former title sponsors Vivo. Dream11 will now the rights for the title sponsorship for 4 months and 13 days.
A while back, the cricket governing body of India officially suspended its contract with the Chinese mobile phone company Vivo. BCCI had signed a five-year contract with Vivo but had to dissolve it amid the border tension between India and China. Vivo was forced to pull out of its R 440 crore per year contract with immediate action.
Reportedly, Dream11 offered a Rs 240 crore for the upcoming season of IPL in case the Chinese mobile phone brand did not come back. Sources state that the cricket fantasy league negotiated a conditional three-year bid and BCCI asked the company to raise the amount considerably for the next two seasons.
Throughout the years, Dream11’s association with sports has expanded and it currently partners a total of 19 leagues along with six Indian Premier League Franchises.