Ahead of the 13th edition of the Indian Premier League, fantasy cricket platform, Dream 11 has bagged the title sponsorship with a winning bid of INR 222 crores.
Dream 11 beat bids from Unacademy (INR 171 crore) and Byju’s (INR 201 crore) and will be the title sponsors for the IPL from 18th August 2020 to 31st December 2020. “Dream11 has won the rights with a bid of Rs 222 crore,” Patel told PTI.
After the Indo-China border stand-off, IPL’s title sponsorship with the Chinese smartphone company, VIVO had come under the scanner. VIVO had signed a five-year deal in 2018 worth INR 2199 crores, almost 440 crores per year. But BCCI recently invoked the Force Majeure clause in their contract with VIVO to end the relationship.
Despite Dream 11 coming to the rescue at the 11th hour, both BCCI and IPL franchise owners will lose a chunk of money. According to the revenue sharing agreement between BCCI and owners in 2018, the teams earned 50% of the income from the central rights including broadcasting, titles and other sponsors. So IPL 2020 will see eight team owners sharing INR 111 crores, half of what they shared during VIVO’s sponsorship, INR 220 crores.
The Rise of Dream 11
Dream 11 has been one of IPL’s sponsors for the last few years. The Sports Tech platform provides fantasy sports for cricket, kabaddi, football, hockey, basketball and baseball. Dream 11 has signed contracts with the likes of ICC, Pro Kabaddi League, BBL, WBBL, International Hockey Federation and even National Basketball Federation (NBA).
The IPL 2020 is all set to start on 19th September in the United Arab Emirates. This edition was officially set to start on 29th March but has suffered a six-month delay due to the ongoing COVID pandemic. Dubai, Sharjah and Abu Dhabi will be the host cities for all round robin and play-offs matches. The detailed schedule is yet to be announced but the final will be played on 10th November.