The New Title Sponsor For IPL 2020 Is Dream 11 Winning An Rs. 222 Crore Bid
Image Credit – Times Of India
Dream 11 has bagged the title rights of IPL 2020 with a three-year winning bid. It is a fantasy sports platform that is a start-up that is pioneered by two Indian entrepreneurs. They have made a three-year bid that is subject to the return of Vivo next year.
If Vivo India comes back to the table next year, who has already exited the space for the title sponsors just two weeks ago, Dream 11 will have to give them backspace. Nevertheless, if Vivo does not return as the title sponsors, the start-up of fantasy sports will continue to be the title sponsors until the edition of 2022.
A fresh call can be taken by BCCI post 31st December, about the 2020 deal. Following are the break up of the winning bid by Dream 11. For the first year, it is going to be Rs. 222 crore, for the second year it is 240 crore, and it will be Rs. 240 crore for the third year as well. This will be at an average of Rs. 234 crore per annum.
There has been controversy around Chinese investments in sports in India. But BCCI has mentioned that Dream 11 is an Indian start-up essentially and has a negligible Chinese investment of single-digit and this can be internally resolved.
BCCI has broadly viewed that if the digital platform comes on board, it will give a boost to the fan engagement in IPL which has been very much passively lying in the last few months because of the slowdown on account of Covid-19.
Several top-notch news outlets have confirmed that a handsome bid was to be made by TATA with certain conditions. TATA was looking to block three categories by the title sponsorship related to various brands. But BCCI maintained to invite a single brand activity.
Sources said that only one category could have been blocked and this went against the TATAs. TATA is not going to release a statement on the bidding process.
The 230 crore bid of dream 11 is just 51% of the amount paid by Vivo to BCCI.
Given the market conditions, this is a decent amount according to sources. Cred and Unacademy are two more official partners who will bring to the table another 80 crores. BCCI is going to pocket a bit more than Rs. 300 crore.
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