Retail conglomerate Future Group pulled out of BCCI’s central sponsorship pool for the Indian Premier League as the company has been facing severe losses in the current economic climate. Future Group is on the verge of a takeover and restructuring in the wake of the COVID-19 pandemic.
This development comes days after Vivo, the title sponsor of IPL 2020 was forced to exit because of the hostile political situation in the country. Dream 11 later took Vivo’s spot as the title sponsor for Rs 222 crore. With Future Group leaving, IPL currently has four sponsors only, Dream 11, Tata Motors, Ceat Tyres and Paytm.
“Yes, Future Group has pulled out of IPL central sponsorship and that’s the reason their logo has been removed from the IPL website. At this point of time, I won’t like to elaborate on the development,” a BCCI offical told PTI. Unacademy is rumoured to take the Future Group’s now according to reports.
“Future Group has been in bad shape since the start of Covid-19. It was bound to happen that they wouldn’t have been able to spend Rs 40 crore to be a part of BCCI’s central sponsorship pool. Hence, the pull-out is not a surprise,” reported the Sroll.
With the title sponsorship reduced to half and other sponsors also pulling out the BCCI is facing a tough time with the teams facing a potential pay cut.
