New Delhi, August 18
Dream11, a gaming platform, has received the title sponsorship rights for IPL 2020 with the best bid, Rs 222 crore, amongst three potential sponsors.
Dream11 beat bids from academic platforms Byju’s (Rs 201 crore) and Unacademy (Rs 170 crore) to win the IPL’s title rights for roughly four-and-a-half months, from August 18 to December 31, 2020. The event, initially scheduled to be performed in India in March-May, needed to be postponed because of the pandemic and shall be performed in three UAE cities between September 19 and November 10.
The IPL needed to search for a brand new title sponsor after severing its ties with Vivo, a Chinese smartphone maker, resulting from adversarial public opinion after the latest Galwan valley conflict.
The IPL’s cope with Dream11 is price round half of that with Vivo — the latter’s five-year sponsorship was price Rs 2,199 crore, round Rs 440 crore yearly.
Interestingly, whereas the cope with Vivo needed to be referred to as off after robust protests resulting from its Chinese origin, Dream11 too has a Chinese connection — two years in the past, Chinese web conglomerate Tencent reportedly purchased a majority stake in Dream11. However, at the moment Tencent’s stake in Dream11 is lower than 10%. An Indian cricket board (BCCI) official confirmed this. “Only a single-digit percentage minority stake is held by Tencent,” the official stated.
However, one other controversy hovers over Dream11 — final month, BCCI’s Anti-Corruption Unit sought an inquiry towards it over its alleged hyperlinks with a pretend T20 league performed at a village close to Mohali. — TNS