IPL Governing Council Chairman Brijesh Patel announced that fantasy gaming platform Dream11 is the next title sponsor for the league, which is to be held from September 19 in UAE.
As hunt for IPL sponsorship is now over, the announcement came as a sigh of relief for cricket fans. But Chinese-backed Dream11 becoming the title sponsor for IPL 2020, wasn’t digested over social media platforms. With anti-China sentiments running high in India.
However, IPL 2020’s title sponsor, Dream11has Chinese investment in the company by Tencent, the world's largest video game company & one of the world's most financially valuable companies. Dream11 has four other investors' as well, Steadview, Tencent which claims to use technology to enrich lives of internet users and is founded in, China & Think Investors.
The only questionable investor in India’s point of view is Tencent, which is also behind the popular video game, PUBG. Tencent holds less than 10 per cent in Dream11, which is an Indian company founded by Harsh Jain and Bhavit Sheth.
But the question remains, does bringing Dream11 solves the issue of providing exposure to Chinese brands? While Dream11 is not a Chinese company unlike Vivo, the profits company will be bagging with the deal, a part of it, will reach Tencent.
Dream11 bagged the title sponsorship deal with Rs 222 Crore. While Tata group didn’t place a final bid, education start-up Byju’s & Unacademy in this race came second & third.
The break up for IPL’s winning bid is as- 222 Crore for the first year, 240 Crore for the second year & 240 Crore for the third year for an average of Rs 234 Crore per year. Dream11’s bid is 51% of what Vivo was paying the BCCI.
Earlier Vivo a Chinese phone company had opted out from its title sponsorship, amid huge backlash due to anti-China sentiments & internal disputes with BCCI. Vivo payed a large scale of around 440 Crores to BCCI per year. Finally, now Indian Premier League has its new title sponsor.
Dream11 IPL 2020 will begin from 19th September in UAE, the first match will be played between Mumbai Indians & Chennai Super Kings,
READ ALSO: IPL 2020: Is Dream11 a Chinese app?