IPL 2020 title sponsorship hits roadblock a day after Dream11's Rs 222 crore bid
The title sponsorship rights for the Indian Premier League (IPL) 2020 are far from a closed deal. Despite Dream 11 emerging as the highest bidder in Tuesday's bidding process.
Dream11's bid, it has come to light, is a conditional bid for 3 years, starting from 2020 and running until 2022. However, the Board of Control for Cricket in India (BCCI) isn't ready to agree to the 3-year term.
VIVO was paying the BCCI Rs 440 crore annually for the 5-year deal which they bagged in 2017 by bidding Rs 2,199 crores in 2017.
Dream11 on Tuesday emerged as the highest bidder for IPL 2020 title sponsorship with a bid of Rs 222 crore. The sports fantasy platform outbid online education platforms Byju's and Unacademy to emerge on top. Notably, Byju's had submitted a bid of Rs 201 crore while Unacademy bid Rs 170 crore.
The BCCI feels that it will be able to get much more money than Dream11's bid of Rs 222 crore in 2021 and 2022. While market analysts had predicted a dip in the money for IPL 2020 title sponsorship due to the novel coronavirus pandemic, the BCCI is looking forward to better things in 2022.
The BCCI is unwilling to offer the title sponsorship rights to Dream11 at this price for 3 years. Dream11 feels that unless it can secure a deal for 3 years, things are not going to be easy for the company.
The BCCI hasn't yet issued a press release to confirm Dream11 as new title sponsor of IPL 2020.