The Board of Control for Cricket (BCCI) in India is all set to increase IPL’s financial bandwidth. The board has in a unique move decided to expand its official partners in the Indian Premier League (IPL).
BCCI has increased its official IPL partners from three to five. The two new entrants are expected to commit Rs 40 crore. This will help the board to raise around Rs 300 crore in the wake of Vivo’s exit.
The real deal for IPL
Cricket’s apex governing body in India is trying to zero in on a “substantial deal”. Do not be surprised if BCCI announces a deal by the end of this week. There has been a lot of talks surrounding the title rights deal. According to reports, Byju’s, Dream 11, Amazon and the likes of others are in the race.
The deal will be for a four-month window. If the price range is agreed upon then it will be a big victory for sports in India.
Chinese company Vivo opted out of IPL this year. This has led to a deficit of 450 crores in the sponsorship market. Cricket is the most valuable property in the Indian sports market. A sponsorship deal by a homegrown company will boost the sector and the indigenous element associated with it.
In 2018, Vivo India had agreed to pay a sum of Rs 440 crore for five years. They pulled out recently owing to Indo-Sino standoff. If BCCI strikes a new deal at 300 crores then almost 3|4th of the money can be covered. This will be a blessing for the Indian sports ecosystem considering the present COVID-19 situation.
Commitment from other brands
The main challenge here lies for the sponsor as they will only get a four-month rights window. As a result of this, the visibility might suffer due to less time. It has been learnt that there some been some commitments from Unacademy and Cred to be official partners. Unacademy is an e-learning app whereas Cred is a credit card payment platform.
It should be noted that Unacademy is already one of the sponsors for IPL. With Vivo’s pull out, they are eyeing for the title sponsorship. Reports have confirmed that Unacademy has taken the bid papers. Sources have also confirmed that even Patanjali has shown interest in the title sponsorship.
The race for sponsorship for one of India’s most valuable sports properties is on in full swing. The heavyweights across industries are showing interest in IPL. This is a positive sign for the overall sports industry in India.