New Delhi: Chinese mobile manufacturing company Vivo, which had suspended its IPL title sponsorship rights for 2020 edition, is eyeing an exit from the Indian Premier League by transferring its rights to interested bidders, which may include fantasy gaming platform Dream11 and edu-tech start-up Unacademy.
Dream11 had been the IPL title sponsors for the 2020 edition, winning the rights for Rs 222 crore, which was nearly half (Rs 440 crore) of what Vivo was paying annually for a five-year deal.
It is understood that in the prevailing situation when Sino-India geo-political relations are in a sensitive state, Vivo understands that it's not prudent to continue the association with two years still left.
"It's almost final that Vivo will exit the IPL title sponsorship deal by mutual consent with the board. It was suspended for the 2020 edition. However there is a clause which allows them to transfer their pending liabilities as one-time title sponsors on the new winner," a senior BCCI source told PTI on conditions of anonymity.
With IPL set for 9 or 10-team expansion in 2022, it is expected that the new bidder will get at least a three-year title sponsorship rights. "Dream11 and Unacademy will place their offers to Vivo. Unacademy in any case is an associate sponsor and they are ready to offer a higher amount in order to acquire the rights from Vivo," an industry insider tracking developments said.