12BET India News: Future Group out, CRED in as IPL 2020 partner

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The sponsorship dilemma in the upcoming edition of the Indian Premier League (IPL) did end by VIVO exit and the Dream11’s arrival as title sponsor. Earlier this week, associate central sponsor Future Group, who was among the big spenders in the IPL, has terminated its contract with the cash-rich league. The 13th edition of the IPL will be played in the UAE from September 19 to November 10.

According to reports, Future Group has been forced to withdraw from sponsoring the T20 competition as the company is reportedly on the verge of a takeover following the losses due to the prevailing hostile economic climate in the wake of the coronavirus pandemic. Sources claim that Future Group was paying 28Cr for the Central Sponsorship of Indian Premier League (IPL) every year.

“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 source confirmed. Future Group, which operates in Indian fashion and retail sectors, was associated with IPL for the last 5 years.

Latest update of cricket news: All eight teams arrived at UAE ahead of the IPL 2020

The Indian Premier League (IPL) official website has also removed the logo of Future Group from the official sponsors list. At the time of writing, the IPL website shows only four sponsors – Dream11 as title sponsors along with Tata Motors (Altroz), PayTM and CEAT tyres. Earlier this month, Dream11 emerged in the race to bag the cash-rich tournament sponsorship following VIVO’s withdrawal.

Despite the setback of another sponsorship exit, Credit Card payment company CRED has been signed as official partner for the IPL 2020, filling one of the 2 vacant slots as IPL partners. According to the sources, the proposed deal with CRED is yet to get the approvals as it is still subject for a debate within the IPL governing council as it conflicts with the existing sponsorship partner PayTM.

“The deal with Unacademy is completed for 3 years. We will make the official announcement soon”, a BCCI official told a news portal. “We are extremely pleased that we have filled 2 official partnership slots. This clearly shows the inherent strength of brand Indian Premier League (IPL). Our only deficit this year will be on account of Title Sponsorship which we lost out due to unfortunate and unprecedented circumstances.”

Meanwhile, all the eight franchises have already reached UAE for the 53-day tournament, which will have 60 matches slated to be played in three venues – Dubai, Sharjah and Abu Dhabi. Players will have to quarantine in their hotel rooms, during which time they will undergo three coronavirus tests. There will be follow up tests every five days.

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