The race to win IPL title sponsorship is getting heated as the deadline looms. Education startup Unacademy is the latest company to register their interest. The firm has reportedly has picked up the bid papers for title sponsorship.
However, they did not make any comments on the development yet. It is also interesting to see that Unacademy are already in the central pool of sponsors for IPL from 2020 to 2023. After Chinese mobile manufacturer VIVO dropping out last month, BCCI are trying to find a new title sponsor for IPL this season.
The board has already declared the deadline date for bids on August 14. A final announcement on the new sponsor is expected during this weekend. Earlier this week, there was also news on Patanjali interested in the sponsorship.
Apart from these two Indian companies, there are few other firms that are interested. Companies like Amazon, Byju’s, PayTm and Dream 11 are expected to be in the race.
“I can confirm that Unacademy has shown interest and picked the bid papers. I have heard they will be submitting a bid and are pretty serious. So, Patanjali, if they bid, will have competition,” a source told TOI.
BCCI looking to minimize revenue drop
Under the deal with VIVO, BCCI earned Rs 440 crore per year. But the board is looking to provide discounts for new sponsors as this will be valid for only 4 months, 13 days.
Also, they are looking to coup close to 350 crore to minimize the revenue drop ahead of new season. VIVO is expected to be back as IPL title owner next season.
While, Unacademy did not make any comments, an industry insider has reportedly told TOI that the company is ready to take the chance.
“Unlike some of the other Edu-Tech apps, Unacademy has 100 per cent Indian investment. And four and half months is the perfect time to get associated with a brand like IPL and broaden their horizons in terms of brand outreach,” he added.
Indian Premier League will be played outside India this year. The games are scheduled in United Arab Emirates due to Covid crisis. All the franchises have already begun their preparations as they will be flying out to Dubai as early as next week.