IPL 2021: BCCI-Vivo deal yet to be finalized
What's the story
The decision on whether Vivo will continue to be the title sponsor for the upcoming season of the Indian Premier League (2021) hasn't been finalized as yet.
Even as the BCCI had named Vivo as the title sponsor in their IPL Auction list press release on Thursday, the two parties are yet to come to an agreement.
Here is more on the same.
Information
The re-introduction of title sponsor's brand is temporary
Is is understood that the re-introduction of the title sponsor's brand is only temporary, pending a final arrangement between the two parties. The IPL will carry the name of Vivo as its title sponsor till at least the auction (February 18).
Statement
The brand name will remain till an alternative is found
Speaking on the same, a franchise official said, "We have been told that it will be called Vivo IPL till the auction as per the original agreement. The previous agreement was paused only till December 31 last year. So the original agreement has kicked in from January 1. Till an alternative arrangement has been made, the brand name will remain."
Vivo
Vivo are looking for sub-licensing the sponsorship rights
Vivo are looking for sub-licensing the sponsorship rights of the IPL and has engaged its media agency, Group M, to find a suitable party.
The arrangement would be such that the BCCI would have to be paid Rs. 440 crore per season.
If the new party offer less than that, Vivo would have to top it up in order to comply with the agreement.
Contract
The BCCI-Vivo contract was paused last year
The BCCI and Vivo had paused the five-year contract last season in the aftermath of tension at the Indo-China border.
Therefore, Dream 11 had filled in for the last season.
However, it has been learned that the fantasy games company is no longer keen to come on board again.
As of now, IPL chairman Brijesh Patel, Vivo and Group M have refrained from comments.
Information
Dream11 had bagged IPL 2020 title sponsorship in 2020
In August 2020, the fantasy gaming platform Dream11 bagged the title sponsorship rights of IPL 2020 for Rs. 222 crore. The announcement came after Vivo withdrew as sponsors. It was reported that a one-year moratorium was agreed between the two parties.
Development
Teams must spend 75 per cent of money
In another development, the BCCI has made it clear that the franchises must spend 75 per cent of the total salary cap (Rs. 85 crore) in the impending auction.
The franchises should maintain a minimum (18) and maximum (25) squad size, minimum squad spend (Rs 63.75 crores) and the maximum number of overseas players in the squad (8).