Mumbai, 10/2(AO bureau): In a major development, it is notified that Chinese mobile manufacturer Vivo can transfer its title sponsor rights to the Indian Premier League (IPL). In the race for the next title sponsor of the IPL, Dream-11 and Unacademy are leading the way. Dream-11 was also the title sponsor of the IPL-2020. They bought these rights for 220 crore rupees last year.
Vivo had signed a five-year agreement with the BCCI for a huge amount for the IPL. Vivo had won the title sponsorship rights of IPL for an estimated amount of Rs 2190 crore from 2018 to 2022, about Rs 440 crore per year. Now due to the tension in the current political relations between India and China, Vivo believes that it will not be the right decision to continue the partnership with IPL. According to a senior BCCI official, “It is almost certain that Vivo’s IPL title sponsorship agreement is going to end by mutual consent. It was suspended in 2020. There is a provision to give its outstanding liability to the new sponsor. It is possible if the board is prepared in principle. ”
Vivo’s agreement was suspended in IPL-2020
The BCCI and Vivo had decided to suspend their partnership for the IPL-2020 played in the UAE last year. This decision was taken so that Chinese products could be boycotted in view of the China-India border stand-off. BCCI President Sourav Ganguly described the suspension of the IPL title sponsorship deal with Chinese mobile phone company Vivo as just a ‘nap’. At the same time, he had ruled out that it would be something like a “financial crisis”.