Big blow for BCCI ahead of IPL 2020, as Future Group terminates its sponsorship deal
By Lokmat English Desk | Published: August 24, 2020 01:39 PM2020-08-24T13:39:30+5:302020-08-24T13:40:49+5:30
In a major bit of setback for the BCCI, Future Group, which had been associated with IPL for almost ...
In a major bit of setback for the BCCI, Future Group, which had been associated with IPL for almost six years has apparently ended their sponsorship deal with the cash rich league. “Yes, Future Group has pulled out of the IPL Sponsorship deal. We are looking for a replacement”, confirmed the BCCI source currently in Dubai. The IPL official website has also removed the logo of Future Group from the official sponsors list. According to the market sources, Future Group has been badly hit by the Covid-19 and they decided to pull the plug finally just 3 weeks before the league is suppose to start on September 19th.
Reports suggest that though the exit was an expected one owing to the contract coming to an end, Future Group might have had to pay a penalty to the Board of Control for Cricket in India (BCCI) for not renewing the agreement. While Vivo had a yearly deal of Rs 440 crore, current title sponsors Dream 11 inked an agreement worth only Rs 222 crore. As per agreements, while half of this amount will go into the BCCI coffers, the other Rs 111 crore will be divided among the eight franchises. The franchises will earn Rs 13.87 crore each this year, as compared to the Rs 27 crore in the Vivo deal.Teams will also face losses in gate receipts, now that all matches will be played behind closed doors. With most brands reworking deals given the present situation, each IPL franchise is set to incur losses worth Rs 20 crore in sponsorship this year.