Home / Dreams Do Come True | Vivo Dethroned as IPL 2020 Sponsor
It seems that there will be no shortage of controversy with IPL this year. As things heat up between China and India, Chinese smartphone maker Vivo has pulled out of sponsoring the event. While this would create panic in a normal situation, we are living in far abnormal times. The virus has wrecked havoc with sporting events this year but for every door that closes, another opens.
This was also the case for the sponsorship of IPL 2020. It has just been revealed that Fantasy gaming company Dream11 will be the main sponsor of this years IPL. Not only will their name be splashed all over the mega event but the sponsorship will come at a cheaper price compared to what Vivo paid. How much cheaper you ask?
Well, 50% cheaper than what ViVo paid to acquire the rights of the t20 tournament according to league chairman Brijesh Patel. Vivo had acquired the rights for four years (2018 – 2022) at a cost of ₹22 billion rupees. Dream11 had submitted a winning bid of ₹2.22 billion rupees. This just goes to show the devastating effect COVID-19 has had on the economy.
Dream11 also has the distinction of becoming India’s first gaming start up to be valued over $1 Billion. It has successfully dealt with legal challenges with prosecutors claiming it is a gambling site. However as per the latest court ruling, Dream11 is a fantasy platform which involves skill rather than chance deeming it to be legal in India.
While this is great news for a company that has emerged from India, the original issue remains. Chinese tech giant Tencent is one of hte principal investors of Dream 11 which has not gone down well on social media. It will be interesting to see how this plays out in the future!