After mobile phone manufacturer Vivo exited as the title sponsor of the Indian Premier League, the IPL-T20 league finally got a new sponsor after Dream 11 won the bidding game for three years, subject to Vivo’s return next year. The fantasy sports portal was trending on Twitter soon after and people shared memes about how they felt.
Vivo India – the title sponsors who exited the space two weeks ago – come back to the table next year, Dream 11 will have to make way. However, if Vivo do not return as title sponsors, the fantasy sports start-up will continue to hold the title rights till the 2022 edition.
The break up of Dream11’s winning bid is as follows: Rs 222 crore for the first year, Rs 240 crore for year two and Rs 240 crore for year three, for an average of Rs 234 crore per year.
Dream11’s Rs 230 crore bid is 51% of what Vivo was paying the BCCI.
Other five entities, including Tata Sons, Amazon, Coca-Cola, BYJU’s, Unacademy have submitted its expression of interest (EOI) for the title sponsorship rights for this year’s Indian Premier League with the Board of Control for Cricket in India (BCCI).
Indian Premier League (IPL) chairman Brijesh Patel confirmed that “Fantasy sports platform Dream11 wins IPL title sponsorship rights with a bid of ₹222 crore,”. Other two edu-tech companies – BYJUs and Unacademy were also in the bidding race but came second (201 crore) and third (170 crore) respectively. It was learnt that the Tata group, which had reportedly considered joining the bidding process didn’t even place a final bid.
As per a report, Tata group were planning to make a ‘handsome’ bid for IPL 2020 title sponsorship rights but they had their own set of conditions which were not met. Tata group wanted to block three categories (brand names under the group) but the BCCI allows space for only a single-brand activity under the title sponsorship rights which did not work in the favour of Tata group.
“Only one category was available to block and that’s what has not worked in favour of Tatas”, a source was quoted as saying by Times of India.
Dream11 is a fantasy sports platform based in India that allows users to play fantasy cricket, hockey, football, kabaddi and basketball. It is a pay-to-play platform in which the player selects a ‘dream’ side for a fee. A part of the fee goes to the prize pot, a part to Dream11. The winner gets a prize pot.
The platform was founded by Harsh Jain and Bhavik Patel and has been associated with cricket since 2008.
The company sponsored the Otago Volts in the first Champions League. It also sponsored the last season of the New Zealand Super Smash and the T10 Vincy Premier League in the Caribbean in May.
Dream11 had signed on MS Dhoni as a brand ambassador and has sponsored BCCI and ICC events in the past.
As this piece points out, Dream11 has Chinese internet giant Tencent Holdings Ltd as one of its financial backers. Last year, it became India’s first gaming startup to be valued at over $1 billion. And the BCCI is stressing on the fact that Dream11 is an Indian company.
IPL – 2020
“IPL 2020 will be played from September 19 and the final will be played on November 10, 2020. The 53-day tournament will witness 10-afternoon matches starting at 15:30 IST while the evening matches will start at 19:30 IST,” said BCCI last week.
The IPL was originally slated to be played from March 29, but it was postponed due to the coronavirus pandemic.
The 13th edition of the T20 cricket tournament will be staged at three venues (Dubai, Abu Dhabi, and Sharjah) in the UAE.