Vivo, a Chinese mobile manufacturing company who had earlier pulled out of the IPL title sponsorship in 2020 is planning to transfer the rights to interested bidders which may include Dream11 and Edu-tech start-up Uncademy. With just a week to go for the IPL Auctions, the BCCI find themselves in a precarious situation after Vivo almost confirmed that they are not willing to continue its association with IPL.
Dream11 had acquired the services of title sponsorship of IPL for Rs 222 crores which was nearly half (Rs 440 crore) of what Vivo was paying annually to BCCI for a 5-year deal. As per reports in Times of India, the Sino-India geopolitical relations has hampered the chances of Vivo continuing their association in IPL despite BCCI’s optimism.
“It's almost final that Vivo will exit the IPL title sponsorship deal by mutual consent with the board. It was suspended for the 2020 edition," a senior BCCI source was quoted as saying by PTI on conditions of anonymity.
"However there is a clause which allows them to transfer their pending liabilities as one-time title sponsors on the new winner. If the board agrees on principle, it can happen."
With IPL set to become either a 9 of 10 teams competing in 2022, it is expected that the new bidders will at least strike a three deal with BCCI for the title sponsorship rights.