The Board of Control for Cricket in India (BCCI) and Dream11 have finally agreed to a conclusion after a long meeting on Wednesday that the fantasy sports platform will be the title sponsor of IPL 'for this year only'.
According to sources, Dream11 wanted to have a three-year deal with IPL but the board was 'uninterested'.
"BCCI had said that this will be a one-year deal but Dream11 wanted to have it for three years. Dream11 has offered Rs 222 crore for this year, Rs 240 crore for the next year and Rs 240 crore for the third year," sources said.
"But the BCCI said that after the Covid-19 pandemic gets over, they are expected to get a good amount next year, so can't commit for the future. The board also said if Vivo backs out again, then Dream11 will be given the first preference.
"There was discussion going on and that's why the official announcement got delayed. But now everything is sorted out and they both have agreed to one year only. BCCI may soon issue the statement," the source added.
Dream11 emerged as the highest bidder for the Indian Premier League (IPL) 2020 title rights on Tuesday. Already a partner of the BCCI, Dream11 outbid education-technology platforms Byju's and Unacademy to win the race.
The IPL 2020 title sponsorship fell vacant after Vivo, which had signed a Rs 2,000 crore-plus five-year deal (2018-2022) with the BCCI, withdrew due to the Boycott China campaign which gathered steam in the wake of the India-China standoff in the Galwan Valley in eastern Ladakh in June.