Fantasy gaming platform, Dream11, was announced as this year’s IPL
title sponsor by the BCCI. However, the company will not stay on
board as sponsor for the next two IPL seasons after its three-year conditional
proposal was rejected due to low bid amounts for 2021 and 2022.

Dream11 replaced Chinese mobile phone company Vivo as the title
sponsor and further pipped educational technology companies BYJUs and Unacademy
to win the rights for a period of four months and 13 days. The company paid a
bid of Rs 222 crore to become the title sponsor, reported PTI.

“The IPL Governing Council has announced Dream11 as the new
Title Sponsor of the 2020 edition of the Indian Premier League. Dream11 (Sporta
Technologies Pvt. Ltd) is an Indian company based in Mumbai, Maharashtra,”
a BCCI statement said on Wednesday, confirming what IPL chairman Brijesh Patel
had stated on Tuesday.

Vivo was forced to pull out of its deal of Rs 440 crore per year due the Sino-India border stand-off. For the next two seasons, Dream11 offered to pay Rs 240 crore in case Vivo did not come back. 

Sources said BCCI and Dream11 negotiated on the conditional
three-year bid and the board asked the company to raise the amount considerably
for the next two seasons.

“Dream11 bid the highest but why will BCCI give them the
rights for Rs 240 crore when we can expect the COVID-19 situation to improve in
the next two years,” a veteran BCCI official told PTI on conditions of
anonymity.

“We still have our deal with Vivo on. We haven’t closed it
as it’s a pause. If we are getting Rs 440 crore, why will we settle for Rs 240
crore?” the official asked.

Dream11’s association with sports has grown over the years and
it is presently partnering a total of 19 leagues along with six Indian Premier
League Franchises.

“We welcome Dream11 on board as Title Sponsor for the 2020
edition of the IPL. Dream11 upgrading their association from an Official
Partner to Title Sponsors is a great testament to the brand IPL,” IPL
chairman Patel was quoted as saying in the BCCI press release.

“As a digital brand it will give them leverage to create
exciting online engagement for fans sitting at home and watching the matches.
We look forward to delivering great value to Dream11,” he added.

Harsh Jain, CEO and
Co-founder, Dream Sports, said: “Being a proud homegrown Indian brand that
is made in India, by Indians and exclusively for Indian sports fans, we would
like to thank the BCCI for giving us an opportunity to become the title sponsor
of IPL.” It is expected that BCCI will open fresh bids for 2021 and 2022
in case Vivo doesn’t come back but the world’s richest cricket board won’t settle
for anything less than Rs 400 crore.