There’s already been a lot of trouble for the IPL franchise this year and the pulling out of the future group has landed them in deep and troubled waters.
In the midst of the pandemic the BCCI has been facing constant obstacles in the way of conducting a smooth season of IPL. Recently Dream11 were declared as the title sponsors who had replaced Vivo at half a price. Now, the future group have terminated their contract with league.
There’s only three weeks from now for the start of the 13th edition of IPL and still the sponsorship issues are unresolved. There’s already been a loss of 50% by appointing Dream11 as the titles sponsors as they offer Rs 222 crore where as Vivo used to pay Rs 440 crores.
To bring out the complete and official statement a BCCI source confirmed that the Future Group has pulled out of the Sponsorship deal of IPL. It seems that the contract was already going to end but due to the early exit the company has to pay penalty to the board. On the other hand now board is looking for new replacements.
An executive from the future group also had his say on this “ The future group were looking to exit as they found the costs steeping and there were no negotiations being held or carried forward.”
The IPL Franchises to suffer huge losses ahead of their sponsorship deals
The Indian Premier league is being held out by surpassing a lot of difficulties and obstacles. But still the IPL franchises will be going through a lot of loss and keeping in mind the pulling out of Future Group will evidently affect them more. The company was associated with IPL from the past 5 years and this year they have made their way to the exit.
The rules offer half of the sponsorship money to the BCCI which will be Rs 111 crore and the rest amount will be divided among the IPL franchises. In this case every team will get Rs 13.87 crores whereas Vivo used to offer Rs 27 crores.
Not to forget that teams will suffer loss as they will miss the gate money as the matches will be played behind closed doors without any spectators. It is believed that the franchises are expected to incur losses up to 20 crores each.