Big Blow for IPL
Big Blow for IPL as VIVO has decided to quit as Sponsor. On the internet, a lot of people wanted the Chinese mobile handset manufacturer(VIVO) to be changed as their sponsor. Due to diplomatic relations between India and China. The talks were there because in the Governing Council meeting they are looking to stay with Vivo as sponsors for IPL 2020.
Franchise officials stated that they have doubts regarding the split whether it is of one year or more than one year. They are waiting for the confirmation from BCCI or Vivo. It is a big blow for IPL because people are already facing money related issues in the COVID-19 Pandemic.
The Royal Challengers Bangalore are already in trouble. They stand to lose an approximated INR 35 crore in gate revenue. Because the tournament moved to the UAE and might be played without the crowd.
In 2018, an agreement was made between BCCI and IPL franchise owners that teams will receive 50% of the income from central rights which includes broadcast, title, and sponsorship. They get approx 220 crores for a season.
The amount of approx 25 crores is sharing with each team. People have to pay an extra amount of money as the UAE will host IPL2020. They are waiting for BCCI’s decision. If they can make any new deal that can benefit everyone. Then, it can save us from the loss or reduce the loss.