“Yes, Future Group has pulled out of IPL central sponsorship and that’s the reason their logo has been removed from the IPL website. At this point of time, I won’t like to elaborate on the development,” a BCCI veteran confirmed the event to PTI.
When a Future Group official was contacted, he refused to remark however business insiders confirmed that the pullout was on playing cards due to the monetary well being of the corporate.
“Future Group has been in bad shape since the start of COVID-19. It was bound to happen that they wouldn’t have been able to spend Rs 40 crore to be a part of BCCI’s central sponsorship pool. Hence, the pull-out is not a surprise,” the supply mentioned.
“Right now, the Future Group is going through a restructuring phase and there are talks with multi-national conglomerates about its potential takeover in the next few weeks. So sponsoring sporting events at the moment wasn’t top priority for Future Group,” he added.
It is learnt that education-technology firm Unacademy, which misplaced the IPL title sponsorship bid to fantasy gaming agency Dream11, is in line to turn out to be one of many official sponsors together with bank card cost app Cred.
As of now, the IPL web site exhibits solely 4 sponsors. They are Dream11 as title sponsors together with Tata Motors (Altroz), PayTM and Ceat tyres. The BCCI usually shares half of its central sponsorship kitty with the franchises. However, with the title sponsorship quantity decreased to just about half (from Rs 440 crore from Vivo to Rs 222 crore of Dream11) and the following pull-outs, the groups are set to get lesser than what they have been incomes earlier.
“We know it’s not an ideal situation but you can’t blame BCCI for this. There is a financial crisis. If franchises have earned and made gains during good times, they understand and stand by BCCI during troubled times,” a senior official of a franchise mentioned.
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