On Tuesday, Indian Premier League (IPL) Chairman Brijesh Patel announced that fantasy gaming platform Dream XI would be the title sponsor of the IPL. They will pay Rs 222 crore. It’s not clear how long the deal will be.
Vivo was paying Rs 440 crore annually to the BCCI in a five-year contact that began in 2018. It was also spending Rs 150 crore during the two-month event.
The BCCI was looking at a lesser value — between Rs 300 to 350 crore — for a period of four months and 13 days.
So, here's all you need to know about the newest IPL sponsors:
Dream 11 was already one of the official partners of the IPL starting from 2019.
Dream 11 also looks after the Official Fantasy Game of IPL.
Dream 11 is also a legalised betting app.
IPL's newest sponsor is funded by Tencent - a Chinese multinational company which deals in various internet-related services.
While ending ties with China-based companies was the reason behind cancelling sponsorship with IPL, now we have another sponsors who, in on way or another, are funded by a Chinese company.
However, the central sponsorship doesn’t include jersey rights. In IPL, jersey logo can only be of title sponsor and apart from that various team’s sponsors. If they become title sponsors, it will give them rights on various branding properties.