Unacademy has made the first formal move to acquire the Indian Premier League 2020 title sponsorship rights, vacated for the season as Vivo and the Broad of Control for Cricket in India have agreed to pause their contract.
The digital education technology brand also has a tie-up with the BCCI as an “Official Partner” for a four-year period.
According to national news agency PTI, a BCCI official has confirmed that Unacademy has picked up the bid papers.
“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,” the agency has quoted the senior BCCI official as saying.
Market experts are apprehensive that the BCCI might suffer a 50% setback in the title sponsorship deal. Vivo had committed ₹ 440 crores per annum in the five-year deal. The deal for the IPL 2020 is expected to be closed up to ₹ 250 crores, or even lesser.
There are numerous factors that are adversely influencing the IPL 2020 title values.
Also read: Five factors that will adversely affect title sponsorship rights’ value
The presence on the team jersey will significantly enhance Unacademy presence in the 64-match league that will be played from September 19 to November 10.
“In IPL, jersey logo can only be of title sponsor and apart from that various team’s sponsors. If they become title sponsors, it will give them rights on various branding properties,” the BCCI has reportedly said.
“The prominent space in the backdrop board in the post-presentation area, the backdrop in the dugout, and boundary rope. A lot of these branding opportunities apart from digital and media opportunities are part of the partnership,” the senior official said.
While no one from Unacademy was prepared to speak on the issue, an industry insider, who is privy to the Edu-tech company’s preparations to file a bid, said the firm is ready to take the big plunge.