The BCCI on Wednesday announced fantasy gaming platform Dream11 as this year’s IPL title sponsor but the company will not stay as Title Sponsor for the next two seasons after its three year proposal got rejected due to “low” bid amounts for 2021 & 2022.
The Fantasy Cricket League Platform removed educational technology companies like BYJU’s & Unacademy from the title sponsor’s race by winning the Title Sponsorship Rights for a period of 4 months & 13 days with a bid of Rs 222 crores, replacing the Chinese Mobile Phone Company VIVO.
“The IPL Governing Council has announced Dream11 as the new Title Sponsor of the 2020 edition of the Indian Premier League. Dream11 (Sports Technologies Pvt. Ltd) is an Indian company based in Mumbai, Maharashtra,” a BCCI statement said on Wednesday, confirming what IPL chairman Brijesh Patel had stated on Tuesday.
Dream 11 offered to pay Rs 240 crores for two years incase VIVO did not come back. VIVO was forced to pull out of its Rs 440 crores per year deal due to the India-China Border Stand-off. Sources said that BCCI & dream 11 negotiated on the three years bid & the Board asked Dream 11 to raise the amount bided for the next two seasons.
“Dream11 bid the highest but why will BCCI give them the rights for Rs 240 crores when we can expect the COVID-19 situation to improve in the next two years,” a veteran BCCI official told PTI on conditions of anonymity.
“We still have our deal with Vivo on. We haven’t closed it as it’s a pause. If we are getting Rs 440 crores, why will we settle for Rs 240 crores?” the official asked.
Dream 11 is a huge venture whose association with sports has grown over the years & it is partnering with a total of 19 leagues along with six Indian Premier League Franchises.
“We welcome Dream11 on board as Title Sponsor for the 2020 edition of the IPL. Dream11 upgrading their association from an Official Partner to Title Sponsors is a great testament to the brand IPL,” IPL chairman Patel was quoted as saying in the BCCI press release.
“As a digital brand it will give them leverage to create exciting online engagement for fans sitting at home and watching the matches. We look forward to delivering great value to Dream11,” he added.
Whereas Harsh Jain the CEO & Co-Founder of Dreams Sports said, “Being a proud homegrown Indian brand that is made in India, by Indians and exclusively for Indian sports fans, we would like to thank the BCCI for giving us an opportunity to become the title sponsor of IPL.”
It is expected that BCCI will open fresh bids for 2021 and 2022 in case Vivo doesn’t come back but the world’s richest cricket board won’t settle for anything less than Rs 400 crores.