Dream11 Becomes IPL Title Sponsor
Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of Rs. 222 crore.
Vivo India had bagged the IPL title sponsorship rights for five years in 2017, Promising to pay IPL approximately Rs 440 crore every season. The Chinese mobile-manufacturer had replaced soft-drink company PepsiCo to become the title sponsor. Vivo had pulled out from being the title sponsor of this year’s Indian Premier League (IPL), because of the growing backlash against Chinese companies in India. On 10 th August BCCI had sent out invitations to companies who were interested in acquiring the title sponsorship rights for IPL 2020. The BCCI had earlier announced Companies with a turnover of over Rs 300 crores will be allowed to bid between August 18, 2020 to December 31, 2020.
Multinational Group Tata Sons were considered the frontrunners. Dream 11, Yoga Guru Baba Ramdev Baba’s Patanjali, Jio and BYJUS and Unacademy were also in the race to become the title sponsors. IPL Chairman Brijesh Patel said, “Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of Rs. 222 crore.” It won by outbidding Tata Sons, BYJUS and Unacademy. Dream11’s winning bid was Rs 222 Crores, Unacademy’s bid was 210 Crores, Tatas was for 180 Crores and BYJUS for Rs. 125 Crores. Dream11 is a Mumbai-based company founded by Harsh Jain and Bhavit Sheth in 2010. However, Tencent Holdings, a China based company, has invested more than Rs 500 crore in Dream11. After the announcement of Dream11 as the title sponsor of the IPL, many are not happy because of Dream11’s chinese links.
