Indian Premier League (IPL) has got a new title sponsor. BCCI gave title sponsorship to fantasy gaming firm Dream-11 on Tuesday. For this, Dream-11 will have to pay 222 crores. This contract is from 18 August to 31 December 2020. The IPL is to be held in the UAE from 19 September to 10 November.
BCCI breaks contract with Vivo, but Chinese company investment in Dream-11 too
The BCCI had recently ended the title sponsorship contract with China’s mobile company Vivo. After the martyrdom of Indian soldiers in the Galwan Valley, the pressure was increased on the BCCI to reconsider the deal with Vivo. Now the deal has been done with Dream-11 in place of Vivo, but this company too has Chinese investors. China’s tech company Tencent invested $ 100 million (Rs 720 crore) in Dream-11 in 2018.
BCCI argues: Tencent holds only 10% stake in Dream-11
Sources in the news agency PTI say that BCCI has argued for ignoring Tencent’s investment in Dream-11. BCCI says Dream-11 is a domestic company. More than 400 employees are Indian, including its founders Harsh Jain and Bhavita Seth. Tencent holds just 10% shares. Dream-11 is only for Indian users.
Tata Sons was in the running but did not bid
According to sources, Tata Sons did not bid for the last round. Whereas, two education technology companies BAUJU’s (Rs 210 crore) and Unacademy (Rs 170 crore) came in second and third.
Board reduced title sponsorship amount by Rs 90 crore
The BCCI had reduced sponsorship money to attract Indian companies as compared to earlier. Earlier this amount was Rs 440 crore annually. The board had reduced the amount for new bidding from Rs 300 crore to Rs 350 crore annually. However, the title sponsorship to Dream-11 has been received for Rs 222 crore.