After an all-round protest by fans on social media, the Chinese company Vivo finally lost the title sponsorship of the Indian Premier League-2020. The IPL has signed a five-year agreement with Vivo since 2018. The board received Rs 440 crore annually under the contract.
Note that IPL or BCCI didn’t remove the ‘Vivo’ due to public sentiments but Vivo itself had opted out for sponsoring IPL this year. However, Vivo will come-back from next year onwards.
Since a few months, ‘Vivo’ company sales have dropped drastically hence they wanted a reduction in sponsorship amount. BCCI suggested ‘ Vivo’ not to sponsor for this particular year but instead sponsor from next year (2021) and extend their contract till 2023.
The IPL is set to begin from 19 September and in less than 2 months time, the BCCI will now have to find a new sponsor for the tournament to be played in the UAE. Within 3 days, BCCI will float tender and raise bids. The highest bidder will be given the title sponsorship only for this edition of IPL.