Fantasy gaming platform Dream11 has replaced Chinese mobile making company Vivo to become the title sponsor for the 13th edition of the Indian Premier League, set to take place from September 19 in UAE.
Dream XI will pay BCCI 222 crore for the upcoming edition whereas Vivo use to pay 440 crore every year.
The other bidders were Unacademy (Rs 210 crore), Tata Sons (Rs 180 crore) and Byju’s (Rs 125 crore).
The Board of Control for Cricket in India (BCCI) is expected to make a formal announcement later today.
Tata Sons, which had submitted its interest to sponsor the tournament for this year on August 14, was seen as the top contender to bag the rights with its credentials seen as the perfect match for BCCI to nullify the criticism it had received after it had decided to retain Vivo as the lead sponsor.
Since the title sponsorship deal for the 2020 season will be for a period of fewer than 5 months, the BCCI was looking to seal a deal which was close to 50% of what it received from Vivo.
All franchises will now have to settle for an amount of Rs 27.75 crore apiece for the upcoming season whereas earlier they received Rs 55 crore each. This comes as a setback for all eight franchises as the Indian boards shares 50% of the total amount it receives among all eight franchises.
The BCCI was under the scanner after Vivo was retained as the title sponsor after the IPL Governing Council meeting which took place on August 2. After which it officially suspened Vivo from the title sponsor.
The decision to cancel the contract came after BCCI and IPL faced strong backlash across all social media platforms. The sentiments of people forced the Governing Council and the Chinese mobile manufacturing company to cancel the deal.
There is growing pressure on Chinese companies in India now following a border clash in June when 20 Indian soldiers were killed.
Vivo had bagged the title sponsorship for two years initially in 2015, and retained the rights signing a five-year contract (2017-22), paid the Indian board a huge sum of Rs 440 crore as title sponsor of the lucrative tournament every year.