NEW DELHI – The Indian Premier League on Tuesday named Indian fantasy gaming company Dream11 as its lead
sponsor, replacing China’s Vivo which was dumped following a deadly
border clash between the countries in June.
IPL chairman Brijesh Patel told AFP that the four-month deal for
sponsoring the glitzy Twenty20 cricket tournament was worth almost $30
million.
Dream11, which beat separate bids from local online educational
firms Byju’s and Unacademy, was already among the IPL’s minor
sponsors.
Consumer electronics giant Vivo originally paid $330 million for a
five-year deal up to 2022, equating to around $66m each season.
The IPL suspended thAT deal earlier this month amid growing
anti-China sentiment following a border clash on June 15 in the
Himalayas that killed 20 Indian soldiers.
According to a revenue-sharing agreement between the Board of
Control for Cricket in India (BCCI) and IPL franchise owners, the
teams earn 50 percent of the income from the central rights.
This year each of the eight franchises would get around $2 million
from the title sponsor deal as opposed to $4 million they got every
season since Vivo signed up.
The Indian government has already banned dozens of Chinese
smartphone apps — including the popular video-sharing platform TikTok
— and also taken other measures to restrict trade with China.
Dream11 is part-owned by China’s Tencent, according to the
Mumbai-based firm’s website.
The Times of India daily cited the BCCI as saying that Tencent’s
investment in Dream11 is “negligible” and “can be resolved
internally”.
This year’s IPL is not being held in India because of the
coronavirus epidemic. It is due to start in the United Arab Emirates
on September 19.
The T20 league is a huge revenue earner for BCCI and before the
coronavirus pandemic was estimated to generate more than $11 billion
for the Indian economy.BSS/AFP
