BCCI ropes in Indian financial brand CRED as official IPL partners in ₹120 cr, 3-yr deal?

13th edition of Indian Premier League (IPL) is just three weeks away and BCCI has t yet completed ir IPL sponsors contracts as y have bagged ar deal. As reported by InsideSport, after Unacademy, w it is Bengaluru-based Indian credit card payment company CRED that has signed a deal with IPL, making it official partners of high-octane league.

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CRED signs up as IPL sponsors for upcoming 2020 season

With TATA Motors and Unacademy already on board and  arrival of CRED as IPL sponsors, BCCI has filled miminum three sponsorship slots that were present during  IPL 2019. According to InsideSport estimates, BCCI will earn ₹120 crore this season from three partnership slots filled by Tata Motors, Unacademy and CRED. 

While speaking to InsideSport, a BCCI official said that board is extremely pleased that y have filled two official partnership slots, which clearly shows inherent strength of 'Brand IPL'. He added that board's only deficit this year will be on account of title sponsorship, which was lost because of unfortunate and unprecedented circumstances.

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Recently, after Future Group pulled out from IPL and Dream11 was promoted as IPL title sponsors, BCCI was left with two empty slots for associate sponsors pf IPL 2020. With arrival of Unacademy and CRED, BCCI can w brea a huge sigh of relief. Unacademy has also reportedly signed a three-year deal with BCCI as an IPL official partner and will spend in range of ₹120-130 crore across 3 years.  official anuncement about deal will be made soon. 

IPL 2020: BCCI central sponsorship revenues down by 40% as compared to IPL 2019

According to InsideSport, BCCI made ₹618 crore from IPL 2019 central sponsorships. IPL sponsors for 2019 included one title sponsor - VIVO (₹440 crore), three official partners - Tata Motors, FBB & Dream11 (₹120 crore on aggregate), one umpire sponsor - Paytm (₹28 crore) and one strategic timeout partner – CEAT (₹30 crore).

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However, BCCI’s revenues from central sponsorships in IPL 2020 are already down by 30% as compared to IPL 2019.  major reason behind reduction in sponsorship value is because IPL 2020 title sponsorship value went down by 50%.  total sponsorship revenue for IPL 2020 tentatively as of w stands at ₹400 crore.  IPL sponsors for 2020 include one title sponsor - Dream11 (₹222 crore), three official partners - Tata Motors, Unacademy, CRED (₹120 crore), one umpire sponsor - Paytm (₹28 crore), one strategic timeout partner – CEAT (₹30 crore).

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IM COURTESY: MI PALTAN & CRED TWITTER