IPL 2021: Vivo to assign its IPL title sponsorship to other company.
Indian Premier League (IPL) 2021: Chinese smartphone manufacturing brand Vivo is looking to assign its long partnership deal with BCCI to another company. Last year due to anti-china sentiments among the Indians and the faceoff at Galwan Valley, Vivo paused its deal as the title sponsor of IPL with BCCI.
As per the deal done with two parties agreeing to the terms and condition, Vivo does not have an option to exit before the time period of five years. However, according to Outlook India, the smartphone brand is looking to assign its deal to other company amounting INR 1,436 crores.
Vivo in 2018 signed a contract with BCCI for the title sponsor of the cash-rich league and the five-year contract was till the 2023 IPL. The first two years were smooth but 2020 was the year of tension for the smartphone brand and IPL.
Due to the strong anti-china sentiments among the Indians, BCCI saw a huge backlash and eventually, Vivo paused its contract.
BCCI has to find another sponsor in such a short period of time and we saw Dream11 as the title sponsor for 2020. The deal with the fantasy sports platform was not enough for BCCI to cover the loss. Dream11 was signed for one year in INR 222 Crore.
BCCI planning to add few more partners to IPL
The board is keen on adding a few more partners to overcome the loss due to the Vivo and IPL partnership. With each IPL sponsor, BCCI aims to generate a revenue of approximately INR 45 Crore per year.
Groww.in, Herbalife Nutrition, Mutualfundssahihai, and Oppo are some of the brands that look interested in partnering BCCI. Oppo previously assigned its deal with Indian National Cricket team to Byjus and it will be interesting to see if BCCI ropes in Oppo for the IPL.
IPL 2021 auctions are scheduled on 18th February in Chennai and this time it seems that the auctions will follow without the title sponsor.