As InsideSport previously reported, the Indian Premier League (IPL 2020) has a new central sponsor on board. Confirming the InsideSport report of August 26, BCCI has announced the credit card payment application CRED as the new official partner for the IPL 2020.
Also read: IPL 2020: BCCI confirms InsideSport report, Unacademy announced as official IPL 2020 partner
Last week, BCCI had announced Unacademy as one of the official partners and now, with the announcement of the credit card payment company CRED, BCCI has filled the 3 official association positions.
Mr Brijesh Patel, President of IPL, said: “We are very pleased to have CRED on board as the ‘Official Partner’ of the Indian Premier League 2020 to 2022. IPL is one of the most innovative sports leagues in the world and we are delighted to have such a unique and innovative brand as CRED partnered us. . I’m sure more people across the country will take notice as we embark on this exciting journey.“
Kunal Shah, founder and CEO of CRED, said: “We are excited to be associated with IPL, without a doubt one of the highest-profile events on the world sports calendar. CRED aims to give millions of people access to the good life through better credit standing, a trusted community, and special experiences. IPL represents the pinnacle of consumer experiences, powered by a global community of cricketers, fans, and enthusiasts. We look forward to participating in this festival of sporting excellence, which celebrates peak performance for the individual, the team, and the community. Through this synergy, we want to celebrate and recognize millions of Indians who have the same values that IPL and CRED cherish.
Earlier, after the sudden withdrawal by the Future Group and the elevation of Dream11 as the title sponsor of IPL 2020, BCCI was left with two vacant positions for the IPL association positions this year. Now, with Unacademy and CRED filling the spaces, BCCI can breathe easy.
Also read: IPL 2020: Good news for IPL 2020 and BCCI, CRED signs up as an official partner
IPL 2020: BCCI’s revenue from central sponsorships drops 30% at this stage
According to information available with InsideSport, BCCI made 618 Cr from the 2019 IPL core sponsorships.
1 – Main Sponsor – LIVE – 440 Cr
3 – Official Partners – Tata Motors, FBB & Dream 11 – 120 Cr
1 – Referee Sponsor – PAYTM – 28Cr
1 – Strategic waiting time partner – CEAT – 30Cr
Total revenue from central sponsorship in IPL 2019 – 618 Cr
Even with CRED & Unacademy officially signing up for the 2020 IPL offerings, core group values are still dropping 30%. Mainly due to the erosion of 50% of the value of the IPL 2020 title sponsorships.
1 – Main Sponsor – Dream11 – 222 Cr
2 – Official Partners – Tata Motors, Unacademy, Cred – 120 Cr
3 – Referee partner – 28Cr
4 – Strategic Timeout Partner – 30 Cr
Total central sponsorship revenue in IPL 2020 – 360 Cr at this stage.
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