The rights will be awarded to the winning bidder from August 18, which will be valid till December 31, 2020
The BCCI has invited parties to express their interest in acquiring the title sponsorship rights for the IPL 2020 by floating an ‘Expression of Interest’ (EOI).
The last date for buying the bid document is August 14 and the winning bid will be announced on August 18. The rights will be awarded to the winning bidder from August 18, which will be valid till 31 December 2020.
This development came following the suspension of Vivo’s partnership with BCCI due to the prevailing border tensions between India and China.
BCCI secretary Jay Shah released a 13-point clause for submission of the bids, on Monday, where it has been clearly mentioned that the winning bid this time, might not go to the highest bidder as other factors will also come into play "For the avoidance of doubt, it is clarified that BCCI shall not be obliged to award the Rights to the third party which indicates willingness to pay the highest fees in the course of discussions/ negotiations with BCCI after submitting an EOI," stated the release from BCCI.
According to BCCI’s norms of accepting the ‘Expression of Interest’, interested parties are required to have an annual turnover of at least INR 300 crores to place a bid for the rights. “The turnover of the interested third party must be over INR 300 Crores (Indian Rupees Three Hundred Crores only) as per the last audited accounts,” the BCCI mentions in their release.
Fifty percent of the winning-bid value will be split among the franchises as per the revised revenue sharing agreement