Dream11 might need to revisit IPL bid for 2021 season
What's the story
The fantasy gaming platform Dream11, on Tuesday, bagged the title sponsorship rights of 2020 IPL for Rs. 222 crore.
However, recent reports suggested that the company may have to revisit the bid for the next two IPL seasons.
According to sources, the BCCI is unhappy with current offer and that is the reason why Dream11 hasn't been officially named the title sponsor yet.
Deal
BCCI and Dream11 are negotiating on a conditional bid
Dream11 replaced Chinese smartphone company Vivo, which had to withdraw as title sponsors in the aftermath of the Indo-China border stand-off.
As per the sources, the BCCI and Dream11 are still negotiating on the conditional three-year bid, under which the company is supposed to pay Rs. 240 crore each in 2021 and 2022.
This will be applicable if Vivo doesn't make a comeback.
Announcement
Few issues still need to be ironed out: BCCI official
A BCCI official said the final announcement will be made after reviewing a few issues.
"It was clear that the highest bidder may not get the title rights (it was specified by the BCCI)," he said.
"Having said that, Dream11 has bid the highest and are still favourites to get it, a few issues are still being ironed out before an official announcement comes."
Quote
'We still have our deal with Vivo on'
The official added the deal with Dream11 is for a year. He said, "If it's for only year (2020), then Rs. 222 crore works fine. But it was a conditional bid for three years. We still have our deal with Vivo on."
Vivo
Vivo had ended association with IPL
The Indian Premier League lacked a title sponsor after Vivo ended ties with BCCI as the outburst against Chinese products flared up.
It was preceded by the border clash between the two countries. An official informed that a one-year moratorium was agreed between the two.
Meanwhile, there have been speculations that Vivo might make a comeback after a year.
Bid
Dream11 may have to raise the amount to continue
It has been learned that the BCCI wants Dream11 to raise the amount of bid, if they plan to continue in second and third year.
Notably, Vivo used to pay Rs. 440 crore each year to the board.
"We haven't closed it as it's a pause. If we are getting Rs. 440 crore, why will we settle for Rs. 240 crore?" the official concluded.