Vivo steps down as Title Sponsor for IPL 2020
The BCCI Committee was busying planning the roadmap of the IPL 2020 which is all set to begin from 19 September in UAE. However, BCCI will need to stop this procedure for a while and search for the new “Title Sponsors” as Vivo has stepped down as Title Sponsor.
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Key Highlights:
- Vivo has terminated it’s deal with IPL for 13th edition of IPL.
- Currently, the league does not have a sponsor for the title.
- It is reported that the company withdrew its name due to India-China standoff in LAC.
- People want “Local Brands” to step up for Title Sponsorship.
On Monday BCCI confirmed that IPL 2020 will take place in UAE from 19 September to 10 November. The GC also said that all the sponsors have been retained and there won’t be any changes in sponsorship at least for this year.
On the same day, the RSS-affiliated body had urged Indians to consider boycotting the cash-rich T20 cricket league. “The BCCI and the IPL Governing Council have shown disrespect to the Indian soldiers killed by Chinese troops with its decision to hold the cricket league with its Chinese sponsors”.
President Sourav Ganguly and Secretary Jay Shah had a conference call with Vivo representatives alongside IPL chairman Brijesh Patel in attendance on Tuesday. Both the parties are understood to have agreed to amicably terminate the agreement.
The one-year pullout could be treated as a ban period and if the relations improve, BCCI may take a gander at inking a new three-year deal from 2021 to 2023 on overhauled standing.
Vivo made the entry in IPL 2016 where they replace PepsiCo as the Title Sponsors. A deal of 396-Crores was signed between BCCI and Vivo.
The Title Sponsor had a deal of 440 Crores out of which that 50% of the amount would have been credited to BCCI and the remaining 50% would have got divided amongst 8 franchises.
Due to Vivo’s exit as Title Sponsor, the franchises are hit the most because they lose approx. RS. 28 Crores.
Also, the revenue which was generated due to the stadium won’t be applicable this year which means per match there would be a loss of 3-3.5 Cr for each franchise per match. The total loss goes up to Rs. 21-24 Cr.
However, in spite of such a huge loose, there would be some amount which franchises will take home as the tournament is taking place in spite of tough situations.
BCCI has made it clear that it won’t be possible to get a Sponsor with the same value as Vivo in such a short period of time. However, the Board is in discussion with various brands who can be potential Title Sponsors.
Sources also say that BCCI can look for more than one sponsor to recover the losses. However, spectators want an Indian Brand to be a Title Sponsor “Vocal for Local” is what they demand.
Some people say Jio or Patanjali should replace Vivo as the Title Sponsors.
The new sponsors will be announced soon. As per the sources, the new Title Sponsors can be revealed earliest by Thursday. It will be interesting to see which brand steps ahead during this Economic drought period.
Check out the schedule and SOPs for IPL: IPL 2020