The fantasy gaming platform Dream11 has bagged the title sponsorship rights of IPL 2020 for Rs. 222 crore.
The announcement comes after Chinese smartphone company Vivo withdrew as sponsors.
As per the reports, Dream11 outbid Tata Sons to clinch the deal for the impending IPL edition.
Notably, the other bidders contesting for the spot included BYJU’s and Unacademy.
Here is more.
BCCI and Vivo ended their association earlier this month
The particular spot was for up for grabs after Vivo ended ties with BCCI as the outburst against Chinese products flared up. It was preceded by the border clash between the two countries. An official informed that a one-year moratorium was agreed between the two.
Vivo had bought the rights for Rs. 440 crore/annum
The conglomerate, Tata Sons, was being seen as the top contender to bag the sponsorship rights. However, Dream11 (Rs. 222 crore) outbid them (Rs. 180 crore).
Another startup Unacademy bid Rs. 210 crore whereas the one submitted by Byju’s was the lowest (Rs. 125 crore).
Notably, Vivo used to pay Rs. 440 crore each year to the BCCI.
Key details pertaining to IPL 2020
The United Arab Emirates (ECB) will host the upcoming edition of IPL, which was postponed in March amid COVID-19 pandemic.
Notably, the 53-day tournament will comprise ten afternoon matches starting at 3:30 PM IST.
Meanwhile, the evening matches will kick-off at 7:30 PM IST.
Considering the fragile situation across the globe, unlimited COVID-19 replacements will be allowed during the tournament.
Franchises to leave for Dubai around August 20
All the eight IPL franchises will be observing a six-day quarantine period upon reaching Dubai.
The decision regarding the same was taken during the recently concluded IPL team owners’ meeting.
As per reports, the teams are likely to leave for Dubai around August 20 and hold respective camps.
Interestingly, the squad strength is set to be 24 for each team.