IPL 2020: Finally, Vivo has been removed from the title sponsor of the Indian premier league (IPL). The place of Vivo is now taken by Dream 11. The company has taken this place of Official sponsor by spending about Rs 222 crores. After Galwan valley clash IPL has decided to remove Vivo from its sponsorship.
This sponsorship tag for this year is confirmed by the chairmen of IPL Mr. Brijesh Patel. After Dream 11 has taken over the sponsorship from Vivo, IPL has faced a loss of about Rs 218 crores. Also, Vivo has made 5 year deal with IPL according to that deal Vivo was paying a whopping amount of Rs 440 crores per year.
This is done because of the big decision which has been taken by PM Narendra Modi. According to this decision, about 59 Chinese apps have been banned. And there is huge support of Indian people for boycotting these apps. This decision is taken because in the Galwan valley war about 20 army men including a colonel have lost their lives.
About Dream 11 and it is Chinese or not?
Dream 11 is an Indian whose owners are Harsh Jain and Bhavit Seth. It was established in 2012 and some Indian companies have also invested their money in Dream 11 which are Multiple Equity and Kaalari Capital. It has about 400 employees which are all Indians.
There is a confusion between Dream 11 and Tencent. Tencent is a Chinese company that has owned apps like Hike, WeChat, PUBG, and many more. It is a big confusion that if Tencent has owned Dream 11 or not.
According to some media reports, Gaming company Tencent has invested around $100 million as a stake in Dream 11. Stake means if any case Dream 11 earns profit then some certain share of profit will be shared by Tencent Gaming company.