Days after Chinese smartphone maker, Vivo, and BCCI called off their IPL sponsorship association, BCCI has found a new sponsor for IPL 2020, which will be played in UAE.
Dream 11, a fantasy gaming platform, has won the sponsorship rights for IPL 2020 after flushing out an amount of Rs 222 crore. However, you will be surprised to know that even Dream 11, which is an Indian company, has a Chinese connection.
Dream 11, interestingly would be the 2020 IPL sponsor until December 31. This means although the IPL would be played in the United Arab Emirates (UAE) from September 19 to November 10, if for any reason the tournament needs further postponement/deferment, Dream11 would still be its title sponsor until the end of this year.
Vivo, before quitting the sponsorship, had a deal with BCCI worth Rs 2,199 crores for a 5-year sponsorship. This means a total of Rs 439.80 crore annually. Dream11, on the other hand, was awarded the title sponsorship for Rs 222 crore, which is Rs 217.80 crore less from the IPL’s title sponsorship this year.
Talking about the Dream 11 connection with China, Dream 11 has a financial investment from China. Chinese company Tencent, which is known for making games, owns shares in Dream 11 and has been backing it financially. However, the officials at Dream 11 said that the Chinese firm only owns a small share in the company and all its staff and functioning is in India.
Other companies, who were present to bid for the sponsorship were Byju’s and Unacademy.