Dream11 has been roped in as the new title sponsor of the upcoming 13th edition of the Indian T20 League, which is set to begin on September 19 and will run until November 10 in the United Arab Emirates.
The fantasy cricket league platform will reportedly pay the Board of Control for Cricket in India (BCCI) 222 crore, outbidding the likes of Unacademy (Rs 210 crore), Tata Group (Rs 180 crore) and Byju's (Rs 125 crore).
"Fantasy sports platform Dream11 wins Indian T20 League title sponsorship rights with a bid of Rs 222 crore," Indian T20 League Chairman Brijesh Patel told PTI.
It was earlier this month that the Chinese manufacturer VIVO pulled out as title sponsor of the tournament, leaving the BCCI to accept bids for the vacant position. Reports have it that the board received as many as four bids by 1 pm.
VIVO acquired the title sponsorship for five years, until 2022, and the deal was worth a whopping Rs 2,190 crore, or about Rs 440 crore per season. The company, however, will be back during the 2021 edition and will continue until 2023 as per the contract.
With that in mind, the deal with Dream11 is for fewer than five months, and is close to 50 percent of what it received from Vivo.
The 13th edition of the cricketing extravaganza will be played at three venues - Dubai, Abu Dhabi, and Sharjah - in the UAE.
Feature image courtesy: AFP / Noah Seelam