Mumbai: Fantasy gaming platform Dream11 has been named the title sponsors for the Indian Premier League 2020.
Dream11 have made an average bid of Rs 234 crore per year for three years, subject to Vivo’s return as the title sponsors next year. The Board of Control for Cricket in India (BCCI) confirmed the same on Tuesday.
Dream11 will pay BCCI a sum of Rs 222 crore for the first year and Rs 240 crore each for the second and third year of the deal. Indian Premier League (IPL) chairman Brijesh Patel confirmed that Dream 11 will pay BCCI Rs 222 crore.
It is to be noted that if Vivo India, who exited as the title sponsors two weeks ago, returns to the table next year, Dream11 will have to make way for them, however, if Vivo do not return as the title sponsors, the fantasy gaming platform will be having the title rights for the next three editions starting from the 2020 edition.
Dream11 outbid companies like Tata Sons, Unacademy and Byju’s to bag the title sponsorship deal for the cash-rich league. It has been reported that while the Tata group didn’t place a final bid, two education technology companies — BYJUs (Rs 201 crore) and Unacademy (Rs 170 crore) — came second and third respectively.
Although the Tatas were looking to make a handsome bid, availability of only one brand activity unlike Tatas’ expected multiple brand activity did not work in favour of the Tatas.
Dream11’s Rs 230 crore bid is 51% of what Vivo was paying the BCCI. Vivo and BCCI postponed their partnership for one year due to the prevailing India-China border stand-off. Under the deal with Vivo, BCCI were receiving Rs 440 crore per year.
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The deal also comes as a big blow for all eight teams as the Indian board shares 50% of the total amount it receives from the title sponsor among all the eight teams. In IPL 2019, while all eight franchises received Rs 55 crore each, the franchises will have to settle for an amount of Rs 27.75 crore apiece for the upcoming season.
IPL 2020 was originally scheduled to begin on March 29, but was postponed due to the pandemic outbreak. The 2020 edition of the IPL is now scheduled to start from September 19 this year in the United Arab Emirates.