Vivo to pull out of IPL due to Indo-China border tension
By MYBRANDBOOK
Vivo India and BCCI have decided to part ways for the 2020 edition of the Indian Premier League (IPL). Vivo India had entered into a contract with IPL in 2017 with a winning bid of Rs 2,199 crore for a period of five years and was paying the board an approximate Rs 440 crore per year for the tournament’s title rights.
There’s relief in BCCI over Vivo’s exit but the board is also worried about getting a replacement at such short notice.
If it happens, the move would leave IPL poorer by Rs 440 crore, also affecting the finances of each of the teams. Vivo India paid Rs 2200 crore in 2017 for a five-year title sponsorship deal with IPL. Neither BCCI nor Vivo India want to break the contract, but given the current environment, believe that this is the best thing to do-at least for this year. BCCI will have its task cut out to find a sponsor at a time when the economy isn’t doing well, although the hunger for sporting events may increase television viewership of the popular T20 league that will be played in UAE.
The move comes after BCCI and the IPL Governing Council have both been criticised for retaining Vivo as the title sponsor at a time when anti-China sentiment is running high in India. The government has banned Chinese apps, placed stringent restrictions on Chinese investments, and is reviewing partnerships Indian educational institutions have with Chinese institutions. All of this comes in the backdrop of tensions between the two countries along the Line of Actual Control in Ladakh where a scrap between the two armies resulted in the death of 20 Indian soldiers and an unknown number of Chinese ones.
According to the people cited in the first instance, BCCI top brass were locked in a teleconference through the day to find an amicable settlement with Vivo.
BCCI plans to float a tender to invite a new title sponsor for just this year, for the league that begins September 19 in UAE.
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