Harpal Singh Bedi / New Delhi
Dream 11, the online fantasy sports company, has won the right to be the title sponsor of the 13th edition of the Indian Premier League (IPL)
Dream11 earned the title sponsorship rights, which are valid until December 31, 2020 for Rs 222 crore (($29.7 million approx.).
The other bidders were Unacademy (Rs 210 crore) and Byju’s (Rs 125 crore). Tata Sons, which had expressed its interest in picking up the title rights of IPL for this year, reportedly did not place a bid.
“In the given circumstances, we are happy with the deal. These rights are only for four months and only for this edition of the IPL,” IPL Chairman Brijesh Patel was quoted as saying by the media.
The need to have new title sponsorship arose after China based Vivo pulled, which had a five-year deal with the BCCI ending in 2022, pulled out of sponsoring the event this year due to tensions at the border.
The 13th edition of the Indian Premier League will be held from September 19 in the UAE across three venue at Dubai, Sharjah and Abu Dhabi amid the COVID-19 pandemic. The inaugural match is scheduled to be played between Chennai Super Kings and Mumbai Indians. The final is scheduled for 10th November
VIVO had earlier sealed title sponsorship for two years in 2015, and retained the rights in 2017 with a five-year contract (2017-22), paying INR 2199 crore ($341 million approx.). .
Dream11, based in Mumbai, has been associated with cricket since 2008, when it sponsored Otago Volts in the inaugural Champions League T20, played in India.
It is also the official fantasy cricket platform partner with the ICC and will have that status with the IPL too. It made a debut as title sponsor late last year by associating with New Zealand Cricket for the 2019-20 Super Smash, that country’s domestic T20 competition. Then in May, it sponsored the T10 Vincy Premier League in the Caribbean, which was among the first organised cricket tournaments since the Covid-19 pandemic.
“The title sponsorship forms a key part in the IPL’s revenue sharing agreement with the franchises; 50% of the title sponsorship money goes to the eight franchises. It is understood each franchise earns over INR 20 crore ($2.7 million approx.) per year from the title sponsorship”
In a statement after winning the bid, Vinit Godara, Co-Founder and CEO, Myteam11 Fantasy Sports Pvt. Ltd said, ” I would like to congratulate fantasy cricket league platform Dream11 on winning the title sponsorship rights of IPL 2020.
” I think this is a big moment for the entire fantasy gaming fraternity. Fantasy gaming is one of the swiftest growing online businesses to thrive in recent times. I think this is the moment of arrival and fantasy gaming has finally got its due of being the game where the fans get the right platform to engage and be the closest to the game’
