Vivo won the IPL title sponsorship rights for five years from 2018 to 2022 for a reported sum of Rs 2190 crore, approximately Rs 440 crore per annum.
The BCCI is now likely to float a tender for new IPL title sponsors as mandated by its constitution. The glitzy T20 league starts on September 19 in the UAE, forced out of India due to the rising COVID-19 cases.
Speaking to PTI, an IPL Governing Council member on Sunday said that all sponsors had been retained for IPL 2020.
“All I can say is that all our sponsors are with us. Hopefully, you can read between the lines,” he told PTI on conditions of anonymity after Sunday’s meeting.
However, after Sunday’s meeting, there was a huge backlash on social media about BCCI holding on to Vivo.
Meanwhile, the end of this deal could switch losses for the franchises as they get a big share from the sponsorship corner. Half of the annual Vivo sponsorship money is distributed equally among eight franchises which come to Rs 27.5 crore.
“As of now, it will be very difficult for the BCCI to match the sponsorship amount at such short notice. Therefore both BCCI and the franchises should be prepared to lose out on some money — BCCI more but each franchise from Vivo’s exit will potentially lose 15 crores,” the official said.
“This year will be difficult for everyone but the show must go on,” the official added.
FirstSportz is the First Stop for all sports fanatics. Starting in 2019, we initially covered Olympic Sports, but in 2021 we added every other sport which you might be looking for, like NFL, Golf, MLB, WWE Cricket, Football, Tennis, Esports, NBA, MMA and more.