IPL title sponsor Vivo, a Chinese phone company, has pulled out of the contract for this season, according to NDTV.
While the BCCI had decided to retain the title sponsor at the IPL’s Governing Council meeting on Sunday, the phone brand seems to have made the decision following widespread criticism of the Chinese brand’s relationship with the Indian league in the backdrop of the border tension between India and China’s troops in Ladakh in June.
On 19 June, the BCCI had tweeted saying they were going to review IPL’s sponsorship deals. "Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL's various sponsorship deals." the official handle of IPL had said. However, the GC decided on continuing with the Vivo deal that fetches them Rs 440 crore every season.
"The BCCI has taken this decision after the perusal of the sponsorship agreement and the ownership pattern and upon receiving legal advice in the matter," a BCCI official had told BCCI.
VIVO had paid Rs 2,199 crore for a five-year contract as the title sponsor of the IPL, stretching from August 1, 2017 to July 31, 2022.
With 46 days left for the 13th edition of the Indian Premier League, an owner of one of the IPL franchises had informed the other 7 teams about Vivo’s intentions earlier today thus sparking a panic among stakeholders.
In fact, sources in the know of developments confirmed that in a meeting of the franchises with BCCI officials it was this very person who had raised the issue of compensation for ticket revenue. "He had raised the issue of compensation for ticket revenue. But all the others present stressed that ticket revenue was the least of everyone's concerns and what was important was that the IPL season actually takes place this year," the source said.
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