IPL 2021: Chennai Super Kings (CSK) had a horrible outing last time as they failed to qualify for the playoffs. The fourteenth edition of the Indian Premier League has not started on a good note either for the three-time champions. According to the reports, CSK’s deal with Czech Car Manufacturer company, Skoda has fallen apart due to several unknown reasons.
Earlier, CSK’s principal sponsor, Muthoot Group refused to renew the partnership contract. MS Dhoni-led CSK landed on the partnership with Skoda recently. According to the Insidesport report, Skoda and CSK had a deal of INR 25 Crores for three years.
Sources confirm that online fashion company Myntra will replace Skoda as the principal sponsor for the coming year in Chennai Super Kings. However, there is no clarification from CSK management and Myntra.
It is worth noting that the deal with Myntra will be around in the range of 22-23 Crores Indian Rupees, which will be less than what they were getting with Czech Car Manufacturer company Skoda.
Myntra was founded in 2007 and was later acquired by Flipkart in 2014. The company later acquired fashion e-retailor Jabong in 2016. Since then the company has grown miles and is still one of the top online fashion company.
What could be the reason for such failure in sponsors?
CSK’s performance might be the primary reason for the failure in sponsorships. In the last 13 years, their sponsorships have been hit and they have got massive growth in their revenue through the sponsors. While things seem to have changed now.
IPL 2020 didn’t go well for the three-time champions. For the first time, they failed to reach the business end in the history of IPL.
“IPL is all about performance. When CSK was performing, Dhoni was on top of the world – brands were lining up CSK’s doors. With performance getting patchy by the day and Dhoni in retirement mode – it will be little tough for CSK this year”, according to one of the top industry expert dealing in IPL team sponsorships since its inception.