Vivo likely to transfer IPL title rights
Updated On: 10 February, 2021 08:29 AM IST | New Delhi | PTI
Dream11 had been the IPL title sponsors for the 2020 edition, winning the rights for Rs 222 crore, which was nearly half (Rs 440 crore) of what Vivo was paying annually for a five-year deal.
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In this photo taken on July 31, 2020 a pedestrian walks past an advertisement of Chinese mobile phone maker VIVO painted on the shutters of a closed shop at a market in Mumbai. Pic/ AFP
Chinese mobile manufacturing company Vivo, which had suspended itsc sponsorship rights for 2020 edition, is eyeing an exit from the Indian Premier League by transferring its rights to interested bidders, which may include fantasy gaming platform Dream11 and edu-tech start-up Unacademy. Dream11 had been the IPL title sponsors for the 2020 edition, winning the rights for Rs 222 crore, which was nearly half (Rs 440 crore) of what Vivo was paying annually for a five-year deal.
It is understood that in the prevailing situation when Sino-India geo-political relations are in a sensitive state, Vivo understands that it`s not prudent to continue the association with two years still left. "It`s almost final that Vivo will exit the IPL title sponsorship deal by mutual consent with the board. It was suspended for the 2020 edition. However there is a clause which allows them to transfer their pending liabilities as one-time title sponsors on the new winner. If board agrees on principle, it can happen," a senior BCCI source told PTI on conditions of anonymity.
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