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Chinese firm Vivo backs out, Dream11 as IPL title sponsor now Fantasy sports

CEO of Dream11 breaks the ice about Chinese funds for the app

by Manthra Koliyer Posted on 24 Aug, 2020

Fantasy sports brand Dream11, partnering 19 sports leagues and 6 IPL Franchises has gained the IPL 2020 title sponsorship rights. The sports brand earning the rights against the previous sponsor Vivo has shed light on the contentious issues that India and China have been going through.

The title sponsorship of Dream11 accounts to INR 222 crores. The title sponsor of the tournament Vivo, a Chinese smartphone manufacturer suspended the contract for this year due to the public backlash against the Chinese companies and the Sino-Indian border dispute between the two countries. The company gets its funds from the Chinese company Tencent, but according to the bidding, the prime company has been identified as an Indian telecom company. Currently, Tencent holds 10.9 % shares in the holding company Dream11 Fantasy Pvt Ltd, but Harsh Jain, the CEO of the company continues to remain the single handed shareholder. 

The IPL governing council has emphasized that Dream11 is an Indian company based in Mumbai, Maharashtra. Harsh Jain, CEO & Co-Founder of Dream11 said, “The launch of IPL in the year 2008 gave birth to the idea of Dream11. We wanted to offer fantasy cricket to IPL fans for engagement and to show their sports knowledge & skill. Being a proud homegrown Indian brand that is made in India, by Indians and exclusively for Indian audience, we are thankful for letting us become the Title Sponsor of IPL. We are happy to build our partnership with BCCI & IPL, and we look forward to crores of Indians making their Dream11 for every Dream11 IPL match,”  

IPL chairman Brijesh Patel said, “We welcome Dream11 on board as the Title Sponsor for the 2020 edition of the IPL.  Upgrading their association from an Official Partner to Title Sponsor has become a great testament to the brand IPL. As a digital brand it will  create exciting online engagement for fans sitting at home and watching the matches.”  The IPL 2020, 53-day tournament, will be played in the United Arab Emirates from 19 September  to 10 November. The matches will be played across three cities – Dubai, Abu Dhabi and Sharjah.

For more updates on Fantasy Sports, keep reading GutshotMagazine.com

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