The extension of the IPL title rights deal with fantasy sports platform, Dream11 will depend on how high they raise the bid, reported PTI quoting BCCI sources. The company had won a Rs 222 crore sponsorship rights for a period of four months, 13 days.

According to BCCI sources, this is precisely the reason why the board has not yet officially announced Dream11 as IPL title rights holder, even though league chairman Brijesh Patel confirmed this on Tuesday.

Dream 11 outbid Tata Frontrunner, education technology company Unacademy, Byju’s to win the title sponsorship. IPL is slated to begin from September 19, with finals scheduled on November 10 in the UAE.

ALSO READ | Fantasy sports platform Dream11 wins IPL 2020 title sponsorship for Rs 222 crore

The company had filled the sponsorship seat which fell vacant when Vivo pulled out of the title rights, in the wake of China-India border stand-off. Vivo had won the rights for a whopping Rs 440 crore a year.

Sources said, BCCI and Dream11 are still negotiating on the conditional three-year bid, under which the company is supposed to pay Rs 240 crore each in 2021 and 2022.

“It was always clear that the highest bidder may not get the title rights. Having said that, Dream11 has bid the highest and are still favourites to get it, a few issues are still being ironed out before an official announcement comes,” a veteran BCCI official, privy to the development, told PTI on conditions of anonymity.

In this scenario, Dream11 has two options — either to accept a one-year or rather four months 13 days deal of Rs 222 crore, or increase the conditional amount for 2021 and 2022.