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Dream11 is new IPL title sponsor with average bid of Rs 234 crore per year
Fantasy cricket platform Dream 11 has bagged the title sponsorship for IPL 2020 with a winning bid of INR 222 crore, IPL chairman Brijesh Patel confirmed to Cricbuzz. Dream 11 beat Unacademy (INR 171 crore) and Byju's (INR 201 crore) to clinch the deal which will run from August 18 to December 31, 2020.
BCCI had to scramble for a last-minute replacement for VIVO, after they invoked the Force Majeure clause in their contract to withdraw from the 2020 season. VIVO had signed a five-year deal in 2018 worth INR 2199 crore, which earned BCCI about INR 440 crore a season.
According to the revenue sharing agreement between BCCI and IPL franchise owners in 2018, the teams earned 50 percent of the incolme from the central rights - including broadcast, title and other sponsorship deals struck by the board. This means approximately INR 111 crore will be split between the franchises for this season, as opposed to twice the amount (INR 220 crore) per season since VIVO signed up.
Fantasy Cricket Platform Dream 11 is new IPL title sponser with Average bid of RS. 234 Crore per year
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