The Rs 222-crore winning bid is nearly half of Vivo’s yearly payment of Rs 440 crore.
The IPL Governing Council on Wednesday officially announced Dream11 as the new title sponsor of the 2020 edition of the Indian Premier League (IPL). Dream11 bagged the title sponsorship rights for the 13th edition of the game with a winning bid of Rs 222 crore, racing past deep-pocketed ed-tech firms Byju’s and Unacademy. Byju’s is said to have made a bid of Rs 201 crore, while Unacademy offered Rs 170 crore.
The Rs 222-crore winning bid is nearly half of Vivo’s yearly payment of Rs 440 crore. Vivo India, a subsidiary of China-based handset maker Vivo, had paid a whopping Rs 2,199 crore to acquire the IPL title sponsorship rights for five years starting 2018, a staggering 454% higher than the earlier contract with PepsiCo.
“Dream11 upgrading their association from an official partner to title sponsors is a great testament to the brand IPL. Dream11 as a fantasy sports brand will only grow the engagement of the IPL with its fans. As a digital brand, it will give them leverage to create exciting online engagement for fans sitting at home and watching the matches. We look forward to delivering great value to Dream11,” IPL chairman Brijesh Patel said.
According to news agency PTI, Dream11 will not stay on board for the next two seasons after its conditional three-year proposal was rejected due to low bid amounts for 2021 and 2022. The company offered to pay Rs 240 crore for years two and three in case Vivo did not come back.