Since the IPL 2020 re-scheduled to UAE the race for title sponsorship for the league is getting serious. Vivo is exiting from the title sponsor after 2 profitable years with the Indian Premier League. It was started in 2018 when Vivo came into contract with BCCI for 5 years.
But due to unwanted issues and public clashes from both sides, it is ended in 2020. The Chinese company Vivo was under the radar of objections and criticisms from the past few months. It could be the reason for delaying the IPL 2020 new schedule for UAE.
In the middle of ragging pandemic, BCCI has opened doors for the new sponsors and set the bar high to 300CR financial revenue. The IPL’s strength will be decided in the next few days because the race of sponsorship is starting from 14 August.
BCCI has changed the official partners from three to five and set the average commitment of 40CR for each sponsor. However, it is a tough task to raise 300CR in a short time after the sudden exit of VIVO.
On Monday 10 August BCCI released a formal tender notice to the interesting parties as an expression of interest (EOI) for the title sponsor. The tender is open for companies having at least 300CR revenue and the date of application is 14 August. BCCI will announce the final sponsors on 18 August and giving a seven-day window to respond.
Vivo’s exit left a huge deficit in the sponsorship market and no one knows if the Five new sponsors could fill the gap or not. Moreover, it is the time for India to show the world that Indian Cricket can sustain despite the pandemic.
The gossips high on the roof about the involvement of Amazon and Dream11 for the race of Title Sponsor. However, the sponsorship is for a four-month window only. But it is a Win-Win situation for India and Sponsors also.
Industry sources also said that BCCI has received a non-official chatter from E-learning APP Unacaemy and credit card company Cred to join the Sponsorship. Byju, Ecom Giant Amazon, and sports fantasy platform Dream11 continue to be the race.
The beverage making company Coca-Cola also talked about the issue to spice up the game. They are also waiting and looking up for the right time to place their bid.
“We are currently observing how the market situation is evolving and we are evaluating the opportunities that are available. As a company policy, we cannot comment on any speculation,” said a spokesperson from Coca-Cola India.
Pandemic Rage changed the financial strategies for each business. The potential candidates are playing the cards very carefully to reap up the maximum benefits out of the deal.