IPL 2021: Vivo back as the Title Sponsor for IPL 2021
Chinese mobile manufacturer Vivo, who backed out of the title sponsorship for IPL 2020 after Sino- India border stand-off is said to return as the sponsor of IPL 2021.
The brand was replaced by Dream11 as the title sponsor ahead of last year’s IPL due to public outcry. Dream11 bagged the contract for Rs 222 Crore which was nearly half of what Vivo was paying annually for a five-year deal.
Vivo had won the IPL title sponsorship rights for five years from 2018 to 2022 for a reported sum of Rs 2190 Crore.
The BCCI had suspended the contract with a one-line statement in August 2020, which read: “The BCCI and Vivo Mobile India Pvt Ltd have decided to suspend their partnership for Indian Premier League in 2020.”
However now, a BCCI source told PTI, “The offer made by Dream11 and Unacademy was not up to Vivo’s expectations this year, so they have decided to take it themselves and explore next year”.
The title sponsorship plays a vital role in IPL’s revenue as they share an agreement with the franchises. Close to 50% of the sponsorship money goes to the eight franchises.
An approximated amount of Rs 20 Crore is earned by each franchise per year from the title sponsorship. With Vivo being, Dream11 which had been IPL’s official partner since 2018 will continue to be listed as one on the IPL website.