IPL 2020 is just around the corner as the league after many speculations and assumptions are finally advancing to take place. However, ahead of the much anticipated season, the BCCI has again suffered yet another headache linked to the sponsorship for this season.
After Vivo’s pull out a retail conglomerate Future Group, which is currently going through a restructuring stage, switched from BCCI’s central sponsorship list.
Future Group has been required to pull out as the organisation is reportedly on the brink of a takeover and has undergone losses due to the current economic climate in the wake of the Covid-19 pandemic. A BCCI source also verified that the logo of the group has been excluded from the IPL website after they decided to part ways with the league this year.
Future Group pulls out of IPL 2020
“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 in time, I won’t like to elaborate on the development,” a BCCI source confirmed the development, according to the PTI report.
Meanwhile, none of the Future Group officials was available for any comment. But as far as the insiders reinforced, they stepped down because of the poor financial health of the company.
“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”.
“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 a top priority for Future Group”, the source further added.
The latest regarding the IPL sponsorship indicates education-technology company Unacademy, which missed the IPL title sponsorship bid to fantasy gaming firm Dream11, is in reckoning to become one of the official sponsors beside with credit card payment app Cred.
Moreover, the IPL website currently displays only four sponsors Dream11 as title sponsors along with Tata Motors (Altroz), PayTM and CEAT tyres. The 13th edition of the IPL will take place between September 19- November 10 in the UAE. This is the first time the grand finale will take place in a weekday.