The BCCI has floated an 'Expression of interest' for the title sponsorship of the 2020 edition of the Indian Premier League following the exit of Vivo. Interested parties need to have an annual turnover of at least INR. 300 Crores, stated a BCCI release on Monday (August 10), with August 14 being the last date for buying the bid document.

The winning bid will be announced on August 18, with the rights awarded from the same day and valid until 31 December 2020.

Vivo had retained the sponsorship rights for the 2018-2022 period with a winning bid of INR. 2199 Crores for five seasons - which amounted to approximately INR. 440 Crores per season. And despite their untimely exit, which comes in the wake of political tensions between India and China, "there is a lot of interest (in acquiring the IPL title rights)," according to IPL chairman Brijesh Patel

The BCCI, however, has clarified that the winning bid may not go to the highest bidder, with other factors also coming into play. "For the avoidance of doubt, it is clarified that BCCI shall not be obliged to award the Rights to the third party which indicates a willingness to pay the highest fees in the course of discussions/ negotiations with BCCI after submitting an EOI," stated the release.

"BCCI's decision in this regard will also depend on a number of other relevant factors, including but not limited to, the manner in which the third party intends to exploit the Rights and the potential impact of the same on-brand IPL as also the fan/ viewer experience, which will be examined/ evaluated by BCCI in the course of discussions/ negotiations with interested third parties who submit an EOI."

Fifty percent of the winning-bid value will be split among the franchises as per the revised revenue-sharing agreement. The teams were set to receive approximately INR. 25 Crore each, per year, but it remains to be seen how much they would get for the 2020 edition, with the new sponsor coming in.

Source: Cricbuzz