Dream11 Bags IPL 2020 Title Sponsorship Rights in a winning Bid of INR 222 Crore
BCCI has recently issued a media advisory for Expression of Interest for IPL 2020 since Vivo has decided to suspend its IPL rights earlier this year. Many top companies submitted their bids in the auction of whom Patanjali, Unacademy, Byju’s, etc., were apart. The Expression of Interest required a minimum yearly turnover of over INR 300 Crore in order to participate in the auction.
After the submission date, BCCI shortlisted potential sponsors for the tournament and notified them by mail. The interested parties submitted their bids from which Dream11 which is a Fantasy Cricket platform was selected. Dream11 outbid Unacademy (171 Crore) and Byju’s (201 Crore) to cinch the deal for IPL 2020.
The revenue-sharing agreement between BCCI and IPL Franchises stated that 50% of the income from sponsorship rights will be shared between the Franchises. The revenue fell by almost half since VIVO’s bid earned BCCI 440 crore per season. The contract was for a whopping 2199 crore and was signed in 2018. The recent backlash on China has made the brand withdraw the contract which made BCCI scramble into finding a new sponsor at the last minute.
IPL 2020 is scheduled to begin on the 19th of September in UAE across three venues in Abu Dhabi, Sharjah, and Dubai. All the 8 franchises are participating in the tournament which is being organized with utmost sense and security regarding the issues that are raised due to COVID Pandemic. The tournament will go on till the 10th of November on which day the final match of the tournament is scheduled.