IPL 2020: After Future Group’s exit, Unacademy comes in as central sponsors

Days after sponsors Vivo and Future Group withdrew from their IPL commitments, the BCCI has roped in educational platform Unacademy as the IPL’s new central sponsors on a three-year deal. An official announcement will follow soon.

A BCCI official was quoted as saying to InsideSport:

“The deal with Unacademy is completed for three years. We will make the official announcement soon."

The deal with Unacademy was struck at a price of INR 120-130 crores. They were also in the race for the title sponsorship, along with Dream 11 and Byju's.

The developments come after Future Group, which was IPL’s one of the associate central sponsors, decided to terminate its contract with the money-spinning league on Monday.

While the BCCI made approximately INR 618 crores from sponsorship deals last year, the amount has dropped to INR 360 crores this year. They are, thus, desperately on the hunt for another sponsor. Reports suggest that the Indian cricket board is also trying to finalise a deal with credit card payment company CRED.

IPL franchises are set to lose out on sponsorship money

There were initial debates that Dream 11 also has a Chinese connection. Credits: Outlook India

Earlier, IPL title sponsors Vivo backed off due to the ongoing Sino-Indian border standoff in eastern Ladakh. While the Chinese mobile manufacturing company had a yearly deal of INR 440 crores, current IPL title sponsors Dream 11 inked an agreement worth only INR 222 crores. However, the future of this deal is subject to Vivo’s return next year.

As per agreements, while half of this amount will go into the BCCI coffers, the other INR 111 crores will be divided among the eight franchises. The franchises will earn INR 13.87 crores each this year, as compared to the INR 27 crores in the Vivo deal.

Teams will also face losses in gate receipts, now that all matches will be played behind closed doors. With most brands reworking deals given the present situation, each IPL franchise is set to incur losses worth INR 20 crores in sponsorship this year. However, the BCCI is highly unlikely to give in to their demands of compensation.