BCCI is looking for investors after Vivo's exit.
The winner of the IPL 2020 title-sponsorship will be announced on August 18.
The Board of Control for Cricket in India (BCCI) is currently looking for investors concerning the Indian Premier League (IPL) title sponsorship after Chinese smartphone maker VIVO’s exit due to the India-China border tensions.
Now it has been revealed by the apex Indian board that the new IPL title sponsor will hold the rights for only a four-and-a-half-month period. Also, the highest bid may not necessarily end up being the winning one.
BCCI Secretary Jay Shah has announced a 13-point clause for submission of the bids from interested third parties. The provision clearly states that the winner will be announced on August 18 and the last date for submission of proposals is August 14.
“The Rights are available for the period from August 18, 2020, to December 31, 2020. Details regarding the Rights and product categories in which the Rights are available will be provided only to parties who submit the EOI and are found eligible,” the BCCI press release stated.
The board made it clear that bidding the highest amount may not fetch the rights for a company to acquire the deal if the board doesn’t get satisfied with its plans on commercialising the biggest T20 league.
“…It is clarified that BCCI shall not be obliged to award the Rights to the third party which indicates a willingness to pay the highest fees in the course of discussions/ negotiations with BCCI after submitting an EOI.”
“BCCI’s decision in this regard will also depend on several other relevant factors, including but not limited to, how the third party intends to exploit the Rights and the potential impact of the same on-brand IPL…,” the statement read.
The Sourav Ganguly headed cricket board also said that middle-men or agents would not be authorised to take part in the bidding process.
“It is clarified that marketing agency/agents are not eligible to bid, and any bid submitted by a marketing agency/agent shall be rejected at the outset,” the press release stated.
The BCCI norms also state that the turnover of the interested party has to be above INR 300 crore.
“…Turnover of the interested third party must be over Rs 300 Crore (Indian Rupees Three Hundred Crores Only) as per the last audited accounts,” the statement read further.