Fantasy cricket platform Dream 11 has bagged the title sponsorship for IPL 2020 with a winning bid of INR 222 crore, as confirmed by IPL chairman Brijesh Patel.
Dream 11 beat out competition from other companies like Unacademy (INR 171 crore) and Byju’s (INR 201 crore) to clinch the deal which will run for the duration of August 18 to December 31, 2020.
BCCI had to look for a last-minute replacement for VIVO after they had invoked the Force Majeure clause in their title sponsorship contract to withdraw from the IPL 2020 season.
Chinese phone maker VIVO had bagged the title sponsorship for two years in 2015 and retained the rights in 2017 with a five-year contract (2017-22), paying Rs 2199 crore (USD 341 million approx) which meant a payout of Rs 440 crores per year to the BCCI.
According to the revenue sharing agreement between the BCCI and all the IPL franchise owners in 2018, the teams earned 50 percent of the income from the central rights – including broadcast, title and other sponsorship deals struck by the board. This means that approximately INR 111 crore will be split between the franchises for this season, as opposed to twice the amount (INR 220 crore) per season since VIVO had signed up.
The BCCI’s bidding conditions specified that only companies with an annual turnover of at least INR 300 crore (USD 40 million approx) would be eligible to bid for the IPL title sponsorship.