Following the suspension of VIVO as the IPL 2020 title sponsor, the league is now facing another loss. According to BCCI sources, Future Group who was one of the associate central sponsors for the league has pulled out from the IPL 2020 at the last minute.
Future Group has been associated with IPL for the last 5 years. The IPL official website has also removed its logo from the official sponsors list.
According to InsideSport, Future Group was paying Rs 28Crore ($3.73m) for the Central Sponsorship of IPL every year. It was rumoured during IPL 2019 that Future Group were looking to exit the league.
According to market sources, Future Group has been badly hit by the Covid-19 pandemic and they have finally decided to pull the plug with just 3 weeks to go before the league is scheduled to start on September 19th. BCCI lost almost 50% on the title sponsorship values as the replacement Dream11 is only playing Rs 222Crore ($29.6m) in comparison to Rs440Crore ($58.67m) pledged by VIVO.
IPL 2020 is left with only 4 central sponsors at this stage.
Dream11 – Title Sponsor
Tata Motors – Official Car Partner
PayTM – Umpire Partner
CEAT – Official Strategic Timeout partner
BCCI is yet to announce the replacement for the vacant official partnership slot vacated by Dream11, but has opened talks with Unacademy and Cred to fill up the vacancies.
The franchises which are also feeling the heat from their team sponsors, will now also feel the pinch of the central sponsor pull out as 50% of the total central pool revenues are shared with them.
John Stephenson
john@cricketinvestor.co.uk
#Cricketnews #IPL #FutureGroup
