Vivo, a Chinese mobile manufacturer that had suspended 2020 IPL title sponsorship, has transferred rights from the Indian Premier League to interested bidders such as fantasy game platform Dream11 and edu-tech startup Unacademy. I am aiming to withdraw from. .. Dream11 is the 2020 IPL title sponsor and has acquired the rights of 222 rupees, which is almost half of the amount Vivo paid each year on a five-year contract (440 rupees). In the general context of Sino-Indian geopolitical sensitivities, Vivo is understood to understand that it is unwise to continue the relationship in the remaining two years.
“Vivo’s termination of the IPL title sponsorship agreement with mutual consent with the board of directors is almost final. It has been suspended for the 2020 edition, but will transfer the pending debt as a new title sponsor. There is a clause that allows it to happen, if the board agrees with the principle, it can happen, “a senior BCCI source told PTI about the terms of anonymity.
With the IPL set to expand 9 or 10 teams in 2022, new bidders are expected to win title sponsorship for at least three years.
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“Dream 11 and Unacademy offer Vivo. Unacademy is an associate sponsor anyway and is ready to offer more money to get rights from Vivo,” he said, tracking development. Industry insiders say.
It turns out that MPL, the kit sponsor of the Indian team, may not be able to bid on title sponsorship because Dream11 is a title partner and acquires what is called “category exclusivity” in sponsorship terms.
BCCI Brass expects a clear situation to be clear by the weekend when Vivo gets a concrete final offer.
“Look, Vivo paid about 440 rupees (2190 rupees in 5 years). If BCCI invited a bid, like last year when Dream11 paid 222 rupees, that could increase, It cannot be doubled. With the transfer of rights, the old amount may match or even improve. “
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IPL will hold a mini auction in Chennai on February 18th to win up to 61 slots.
“The transfer of title rights will take some time, so the Vivo logo will be used at the auction on February 18th.”
Vivo may transfer title sponsorship at Dream 11, Unacademy in Convention
Source link Vivo may transfer title sponsorship at Dream 11, Unacademy in Convention