IPL Title Sponsorship rights: Haridwar-based Patanjali group has become the latest brand to express interest in IPL 2020 Title Sponsorship rights.
With mobile brand VIVO parting ways with BCCI for the upcoming season of the Indian Premier League, multiple brands have expressed interest in joining hands with the extravagant Indian Premier League as its title sponsor for the 13th season.
Having won the IPL title sponsorship rights for five years from 2018 to 2022, VIVO had reportedly paid INR 2,190 crore which drops down to INR 440 crore per annum (approximately).
Despite BCCI President Sourav Ganguly terming VIVO’s exit for this year as a “blip” and not a “financial crisis”, there have been murmurs of BCCI preparing to incur a nearly 50% loss as far as the title sponsor is concerned.
— Mumbai Indians (@mipaltan) August 10, 2020
Going forward, it would be intriguing to see how much these murmurs and the COVID-19 pandemic affect the biggest T20 league in the world. The more BCCI managed to reduce this loss, the highly it will speak of IPL as a brand.
IPL Title Sponsorship rights
Yoga guru Baba Ramdev’s Patanjali Ayurved has become the latest company to make public their intentions of putting in a bid alongside many other global brands.
“We are considering this. This is for Vocal For Local and making one Indian brand as global, this is the right platform. We are considering into that perspective. We have to take a final decision, whether we would take it or not,” Patanjali spokesperson S K Tijarawala has recently told PTI.
Any brand which gets the title sponsorship rights will be considering the fact that the deal will only be for one year and that the price will have to be decided accordingly.
The fastest growing FMCG company in India, Patanjali MD Balkrishna owns 98.6% of the company. According to Forbes in 2018, he’s the 19th-richest man in India, with a net worth of $6.1 billion.
According to a report in Inside Sport, there is no minimum amount or base price for the bid of the title sponsorship of IPL 2020. The EOI expected to be made public by the BCCI today won’t contain any such base price as the cricket board expects the current market trends to decide the price for the same.