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Wednesday, August 19, 2020

Dream 11 wins the IPL 2020 title sponsor for 222 crore

 Dream 11, a fantasy gaming, has won the title sponsorship rights for IPL 2020 with the highest bid, Rs 222 crore, among three prospective sponsors. The original title sponsor Vivo, suspended the contract for this year following a public backlash against Chinese companies.

IPL Trophy
IPL Trophy

Dream 11 beat bids from educational platforms Byju's ( Rs 201 crore) & Unacademy ( Rs 170 crore) to win the IPL's title rights. The duration of the sponsorship is until December 31, which means that although the IPL would be played in UAE from September 19 to November 10, if for any reason the tournament needs further postponement, Dream 11 would still be its title sponsor until the end of this year.

"In the given circumstances, we are happy with the deal. These rights are only for four months and only for this edition of the IPL. I think it's a good bid," the tournament's chairman Brijesh Patel said.

Earlier this month, Vivo, which holds the title sponsorship rights fir the IPL for five years until 2021 for which it agreed to pay Rs.2,199 crore, decided to suspend its partnership with the Board of Control for Cricket in India for the 2020 season, due to the public backlash against Chinese companies.

Previously, the Vivo company was paying the BCCI 439.80 crore annually. But this year, Dream 11 has been awarded the title sponsorship for Rs 222 crore. It means that BCCI would be getting Rs 217.80 crore less from the IPL's title sponsorship this year.

Dream 11 also has a Chinese investor - internet giant Tencent Holdings Ltd. But the BCCI is stressing on the fact that Dream 11 is an Indian company, as it became the India's first gaming startup to be valued at over 1 billion dollar, last year.

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