BCCI has faced a major setback for IPL 2020 when Chinese smartphone manufacturer, VIVO pulled out of this edition of IPL. VIVO had a five-year deal of around Rs 2199 crores with BCCI for the IPL title sponsorship.
This decision of VIVO has cost BCCI a loss of Rs 440 crores for IPL 2020. Now BCCI is trying to get a new title sponsor on board for this edition to cut off the losses.
BCCI has chalked out a plan to raise around Rs 300 crores from sponsorship revenues of IPL 2020. They are targeting around Rs 225-250 crores from the title sponsorship partner for IPL 2020 and the remaining Rs 50-75 crores by filling 2 of the 3 available IPL partnership slots.
Currently Tata Motors, FBB and Dream11 are the official partners for the IPL. BCCI still has 3 vacant slots in the official partners’ category. So, they will now try to get at least 2 partners. Already many companies like Unacademy, Cred, Coke and a leading two-wheeler company has shown interest in being the official partner of IPL but nothing has been officially finalised yet.
According to a report by InsideSport, BCCI made Rs 618 crores from the IPL 2019 Sponsors.
- Title Sponsor – VIVO – Rs 440 crores
- Official Partners – Tata Motors, FBB and Dream 11 – Rs 120 crores
- Umpire Sponsor – PAYTM – Rs 28 crores
- Strategic Timeout Partner – CEAT – Rs 30 crores
So, BCCI wants to raise around Rs 300 crores after they lost out on the Rs 440 crores from VIVO. In this financial condition due to the Coronavirus pandemic, if BCCI manages to raise Rs 300 crores and cut their loses to only Rs 140 crores it will be regarded as an achievement by BCCI.
BCCI now wants to finalize all the sponsor deals by next week so that they can fully focus on hosting the IPL 2020 in UAE from 19th September.
