Sports: The BCCI has finally put a rest to the speculations surrounding the sponsorship of the cash-rich Indian Premier League (IPL) 2020.
The cricket board on Tuesday announced fantasy sports platform Dream11 as the title sponsor for IPL 2020. Dream 11 signed a deal worth Rs. 222 crore with the BCCI for title sponsorship rights for the upcoming season.
“Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of ₹222 crore,” IPL Chairman Brijesh Patel informed.
According to sources, Dream 11 outbid Unacademy and BYJU’s.
The development comes days after the Indian board suspended its title sponsorship deal with Vivo – the Chinese mobile manufacturer. Vivo had signed an Rs. 440 crore sponsorship deal with the BCCI in 2018 for 5 years.
The moves come as a big blow for all the eight franchises as the Indian board shares 50% of the total amount it receives among all eight franchises. In IPL 2019, while all eight franchises received Rs 55 crore each, the franchises will have to settle for an amount of Rs 27.75 crore apiece for the upcoming season.
Meanwhile, the tournament is set to start on Sept 19 and end on Nov 10. The 53-day tournament will take place in the UAE.