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India's most prominent fantasy sports company Dream11 has secured the title sponsorship rights for IPL 2020, replacing Chinese smartphone manufacturing company Vivo.
As reported by PTI, BCCI has awarded Dream11 the title sponsorship rights for a price of ₹222 Crores.
Dream11 was in the race to become the title sponsors of IPL 2020 along with Tata Sons, Unacademy, Byju's, and Patanjali Ayurveda.
According to sources, Tata Sons submitted a bid of 180 Crores, while Unacademy outbid them with a ₹210 Crores bid. Online educational firm Byju's, which also sponsors the Indian cricket team, bid ₹125 Crores. But, Dream11 won the race with a massive bid of ₹222 Crores.
It is noteworthy that BCCI had roped in Dream11 as one of its official partners for IPL 2019. The two parties signed a four-year deal, where Dream11 would power the 'Official Fantasy Game' of IPL.
The Dream11 brand has grown significantly in the last few years, and MS Dhoni's association as the brand ambassador has played a huge role in the fantasy cricket platform's growth.
Change in IPL 2020 title sponsors leads to a ₹218 Crore loss for BCCI
The title sponsorship deal with Vivo helped BCCI earn INR 440 Crores from the Chinese smartphone manufacturing giant. However, India and China's political tensions compelled both parties to suspend their partnership for a year and resume the deal from 2021.
BCCI had a little over a month to arrange a new title sponsor, and multiple Indian business houses showed interest in becoming IPL 2020's title sponsors.
Dream11 will pay ₹222 Crores to BCCI for IPL 2020, but this amount is still considerably lesser than what Vivo would have pai.
Nevertheless, this deal can still be considered a massive one for BCCI considering the significant impact COVID-19 has had on the economy.
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