The Board of Control for Cricket in India (BCCI) is currently looking for investors for the upcoming edition of the Indian Premier League’s title sponsorship after Chinese smartphone maker VIVO’s exit due to the tensions prevailing at the Inda-China border.
Well, if you aren’t aware then we should tell you, that the BCCI had signed a 5-year-old contract with the Chinese firm VIVO for the sponsorship of IPL in 2018. However, owing to the sentiments of the country towards China, Vivo decided to withdraw from the contract for this year and the value of the 5-year old was a whopping INR 2199 crores.
Since VIVO has backed out of IPL 2020, the BCCI has been in search of a new sponsor, many companies including Coca-cola, Jio, Amazon, etc have been linked with the latest IPL 2020 contract.
Now it has been revealed by the apex Indian board that the new IPL sponsorship will only be for the period of 4 and a half months period. They also stated that the highest bid may not necessarily end up being the winning one.
Recently, Jay Shah, BCCI Secretary announced a 13-point clause for submission of the bids from interested third parties. The provision states that the winner will be announced on August 18 and the last date for submission of proposals is August 14. The BCCI press release stated:
“The Rights are available for the period from August 18, 2020, to December 31, 2020. Details regarding the Rights and product categories in which the Rights are available will be provided only to parties who submit the EOI and are found eligible,”
“…It is clarified that BCCI shall not be obliged to award the Rights to the third party which indicates a willingness to pay the highest fees in the course of discussions/ negotiations with BCCI after submitting an EOI.”’
BCCI also said that the middle-men or agents would not be authorized to take part in the bidding process. The press release stated:
“BCCI’s decision in this regard will also depend on several other relevant factors, including but not limited to, how the third party intends to exploit the Rights and the potential impact of the same on-brand IPL…,” the statement read.
“…Turnover of the interested third party must be over Rs 300 Crore (Indian Rupees Three Hundred Crores Only) as per the last audited accounts,