MUMBAI: The Indian Premier League governing council Wednesday confirmed that CRED, a high-trust community of creditworthy individuals, merchants and institutions, will be Official Partner for the IPL beginning with the 2020 edition, which will be held in the UAE from September 19th onwards.
It is a three-season partnership that will see the association run through till the 2022 season.
Board of Control for Cricket in India (BCCI) president Sourav Ganguly took to Twitter to congratulate the board for sealing the deal “in spite of tough markets”.
The announcement of CRED as Official Partner follows up on the confirmation of a similar association with Bengaluru-based edu-tech startup Unacademy at the weekend.
Significantly, on account of the BCCI having managed three-year deals for both CRED and Unacademy, there has reportedly been no downsizing of the deal value from what incumbent partner Tata Motors has committed – Rs 400 million a year (as did fantasy gaming platform Dream11).
The BCCI had earlier announced Dream11 as this year’s IPL title sponsor in place of Chinese smartphone major Vivo, which had been paying Rs 4.4 billion a year to the Indian cricket board for naming rights to world cricket’s biggest and richest annual tournament.
Dream11, which already had an Official Partner deal in place for the IPL, had pipped Unacademy and BYJUs to win the naming rights with a bid of Rs 2.22 billion and thereby “upgrade” to Title Sponsor status.
So where does the BCCI stand now as far as sponsor revenues are concerned in IPL 2020 in comparison with IPL 2019? At Rs 3.98 billion, down Rs 2.18 billion from 2019’s tally of Rs 6.18 billion.
IPL 2020 Sponsorships:
Title Sponsor – Dream11 (Rs 2.22bn)
Official Partners – Tata Motors, Unacademy, CRED (Rs 400m each)
Umpire Partner – Paytm (Rs 280m)
Strategic Timeout partner – CEAT (Rs 300m)
CRED, which allows users to pay credit card bills through its mobile applications, aims to make financial decisions smooth and rewarding for its members.
Brijesh Patel, chairman, 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 sporting leagues of the world and we are delighted to have a brand as unique and innovative as CRED partner us. I am sure more people across the country will take notice of them as we embark on this exciting journey.”
Kunal Shah, founder and CEO, CRED, said: “We are extremely pleased to be associated with IPL, without a question among the most high-profile events on the world’s sporting calendar. CRED is aimed at giving millions of people access to the good life through improved credit standing, 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 hold the same values that IPL and CRED cherish.”
The 13th edition of the IPL will be played over 53 days, from September 19 to November 10, across three venues in the UAE – Dubai, Abu Dhabi and Sharjah.
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