Dream11 may have won title sponsorship rights for IPL 2020, but for 2021 and 2022, they'll have to raise the stakes as BCCI is not willing to settle for the current offer.
According to sources, this is precisely the reason why the Board of Control for Cricket in India hasn't officially announced Dream11 as IPL title sponsors even though league chairman Brijesh Patel confirmed this on Tuesday.
The fantasy gaming platform is paying Rs 222 crore for a four-and-a-half-month deal. That compares with the Rs 440 crore that Vivo was paying for the full year. The Chinese mobile phone maker and Board of Control for Cricket in India decided to suspend their sponsorship deal in the aftermath of the India-China border standoff in May-June.
According to sources, 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 if Vivo doesn't make a comeback with its yearly Rs 440-crore deal.
"It was always clear that the highest bidder may not get the title rights (it was specified by the BCCI before accepting the expression of interest from bidders)," a veteran BCCI official, privy to the development, told Press Trust of India on conditions of anonymity. "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.”
It is learnt that BCCI is in discussions with Dream11 to revisit their second and third year bids and wants them to increase the amounts. “If it's for only 2020, then Rs 222 crore works fine. But it was a conditional bid for three years. We still have our deal with Vivo on,” he said. “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?”
In this scenario, Dream11 has two options: either accept a one-year deal of Rs 222 crore or increase the conditional amount for 2021 and 2022.
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