12BET India News: Five companies met deadline for submitting IPL 2020 sponsorship
Following the unprecedented exit of major sponsor VIVO, the upcoming Indian Premier League (IPL) is keen to find its new sponsor. Last week, Tata group, Reliance Jio, Patanjali, and edu tech platforms Byjus and Unacademy confirmed to be the companies that managed to meet the deadline for submitting Expression of Interest (EOI) for the IPL 2020 sponsorship.
The Tata Group (Tata Sons), famous for its diverse business activities and promotion of sports, is surprisingly the top-runner to sponsor the cash-rich tournament as it has a “desi” (Indian) image and legacy. The Board of Control for Cricket in India (BCCI) is expected to decide the fate of the title sponsorship within this week.
According to reports, bidding ranges forIndian Premier League 2020 (IPL) title rights could be as follows: Byjus INR 180-210 crores upwards; Dream11 will bid upwards of 240 crores; Tata Group will bid between 190-200 Crores and education-tech company Unacademy in the range of 150 to 160 Crores. The brand value of IPL stood at $6.8 billion in 2019 up 7% from 2018, according to consultancy firm Duff and Phelps.
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The BCCI earlier said that the decision will depend “on a number of other relevant factors, including but not limited to, the manner in which the third party intends to exploit the Rights and the potential impact of the same on brand IPL as also the fan/viewer experience, which will be examined/ evaluated by BCCI in the course of discussions/ negotiations with interested third parties who submit an EOI.”
Earlier, due to the negative publicity it has gained over the last few weeks amid the Indo-China tension on the border, Vivo Communication Technology Co’s is set to withdraw as title sponsors, according to reports. Vivo, which pays around Rs 440 crore per year, had signed a five-year deal with the BCCI as the major sponsor of the league worth Rs 2,199 crores in 2017.
The T20 was originally scheduled to begin on March 29, pushed back in April, and later postponed indefinitely due to the on-going global health crisis. Following the postponement of International Cricket Council’s (ICC) T20 World Cup in Australia, Indian Premier League (IPL) had a chance to proceed with plans on staging the tournament in September-October window.
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