Brands such as Coca-Cola, Vivo, Amazon and PhonePe have invested significant amounts of money into the league
As the coronavirus outbreak looms over the Indian Premier League (IPL), nearly Rs 1,200 crore of sponsorship money remains in question, according to a report by The Economic Times.
The Board of Control for Cricket in India (BCCI) has suspended IPL 2020 till April 15, 2020 after the number of coronavirus, or COVID-19, cases spiked in India. On March 14, the BCCI met to discuss the fate of the annual T20 event.
Moneycontrol could not independently verify the report.
Brands such as Coca-Cola, Vivo, Amazon and PhonePe have invested significant amounts of money into the league.
Vivo, the league's title sponsor, had in 2017 won the five-year rights in a Rs 2,199 crore bid.
Several state governments have banned large gatherings to contain the spread of COVID-19. So far, 137 cases and three deaths have been reported in India.
The Rs 1,200 crore includes over Rs 600 crore spent on on-ground sponsorship, and Rs 500 crore on team sponsorships, The Economic Times reported.
“While it’s wait-and-watch over the IPL, on-ground sponsorship may be impacted and sponsorship deals of brands which have picked up ground and team sponsorship may have to be recalibrated, if BCCI is contemplating conducting matches without audiences and at fewer venues.” Ashish Bhasin, India Chairman at Dentsu Aegis Network, told the publication.
The BCCI is in constant touch with all advertisers, an insider told the paper.“With likelihood of no ticket sales, no live audiences and only television broadcast of the matches, many team sponsors are indicating that they will either pull off or ask the teams to rework the sponsorship deals. Brand visibility on stadiums, events like meet-and-greet between fans and cricketers, ground-level food and beverages partnerships, all of these will be impacted,” an official of a media buying firm told The Economic Times.
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