Chinese Company Vivo To Withdraw As IPL 2020 Title Sponsor
What does Chinese mobile-maker Vivo Communication Technology Co.’s exit from IPL 2020 mean to the BCCI?
According to people familiar with the matter at the Board of Control for Cricket in India (BCCI), Chinese smartphone maker Vivo Communication Technology Co’s Indian arm Vivo India is set to withdraw as title sponsors of the upcoming Indian Premier League (IPL) 2020. 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 wants 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 is not doing well, although the hunger for sporting events may increase television viewership of the popular T20 league that will be played in United Arab Emirates (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.
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