The official decision over the cancellation of sponsorship has decided they are suspended for partnership over IPL.
Vivo, a phone-based brand in china, had acquired the sponsorship for Rs 2,199 crore in 2018 in a five-year deal. The next 72 hours is a crucial time as it is going to decide the muscle of Indian cricket.
The BCCI has decided to increase its official sponsorships from three to five who are looking further to bring two big official partners at an average commitment of 40 crores each.
They have aimed to raise 300 crores by keeping in mind the wake of Vivo’s exit. It is expected that the board could succeed in making up for atleast3 /4th of loss brought by Vivo’s exit.
The cricket board is zeroing on a substantial deal and probably throwing a surprise by the end of this week.
There is a massive chatter about Amazon, Dream 11, Byju’s, and Patanjali Ayurveda but are still not confirmed.
Currently, Tata Motors and FBB are the official partners of IPL.
From the IPL sponsorship slot vacant by Vivo, BCCI is targeting 225-250 crores.
The main issue of concern is that the new title sponsor will get only a four-month rights window until December.
From the industry sources, it has been seen that verbal commitments have been given by some of the e-learning apps such as un-academy and credit card platforms Cred to come across as official partners.
Several e-learning apps and other giant e-commerce sites such as Amazon and sports fantasy platforms such as Dream 11 are still in the race.
By 14, the august Friday interested parties have to send their express interest for the IPL title sponsorship.
BCCI has always surprised the market with deliveries and is capable of doing the same by this year as well.
Written By- Mousami Jena
Image Courtesy: Google
