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Chinese smartphone manufacturing giant Vivo plans to 'assign' its IPL title sponsorship rights to another company. The Chinese company paused its contract with the BCCI last year, owing to economic issues and political tensions between India and China.
As per the five-year deal, Vivo does not have the option to exit. However, according to Outlook India's report, the smartphone company has made up its mind to assign the sponsorship rights, amounting to about ₹1,436 crore.
Vivo signed a five-year contract with the BCCI to become IPL's title sponsors from 2018 to 2023. While the partnership was smooth in the first two years, there were several problems in 2020. The BCCI also faced a backlash from Indian fans on social media for associating itself with a Chinese company.
Ultimately, the BCCI roped in fantasy sports platform Dream11 as IPL 2020's title sponsors. According to sources, Dream11 will be keen to continue their association with the IPL.
BCCI could add two more official partners in IPL 2021
The BCCI targets to increase its revenue in IPL 2021. Considering the Vivo title sponsorship's current situation, the board plans to add a couple of official partners for the 14th IPL season. The reported revenue BCCI wants to generate is ₹45 crore per partner per year.
Groww.in, Herbalife Nutrition, Mutualfundssahihai, and Oppo have shown interest in securing the official partners' rights. Meanwhile, Oppo had 'assigned' the Indian cricket team's sponsorship rights to BYJU'S. It will be interesting to see if the BCCI agrees to tie up with the Chinese smartphone company again.
The IPL 2021 Auction will happen on February 18. The parties involved will likely provide an official update about the title sponsorship picture soon.
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