Fantasy sports platform beats Byju’s and Unacademy to win deal with average bid of Rs 234 crore per year.
India’s leading fantasy gaming company Dream11 has been named as the title sponsor of the 13th edition of the Indian Premier League (IPL), which is scheduled to kick off on September 19th in the United Arab Emirates (UAE).
Brijesh Patel, chairman of the IPL Governing Council has announced, “Dream11 has won the bid. The other two bids were from Byju’s and Unacademy for Rs 201 crore and 171 crore, respectively. We did not receive any more bids.”
Dream11 have made a three-year winning bid to bag the Indian Premier League (IPL) title rights. The fantasy sports platform – a start-up pioneered by two Indian entrepreneurs – have made a bid for three years, subject to Vivo’s return next year.
Should Vivo India – the title sponsors who exited the space two weeks ago – come back to the table next year, Dream 11 will have to make way.
However, if Vivo do not return as title sponsors, the fantasy sports start-up will continue to hold the title rights till the 2022 edition.
The break up of Dream11’s winning bid is as follows: Rs 222 crore for the first year, Rs 240 crore for year two and Rs 240 crore for year three, for an average of Rs 234 crore per year.
For Dream11, which was already paying Rs 40 crore per year to the Board of Control for Cricket in India (BCCI) as the official partner of the IPL, it is an additional pay out of Rs 182 crore for IPL 2020.
“Dream11 has made it clear that it will vacate the official partner position if selected for title sponsorship. They have also mentioned in their bid that if Vivo doesn’t come back next year, Dream11 would be willing to extend the rights for Rs 240 crore,” said a source with direct knowledge of the development.
Earlier, edutech startups Unacademy and Byju’s as well as the Tata Group had expressed interest in the title sponsorship rights of IPL 2020. And while Tata Group had confirmed its interest, it did not submit any bid.
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