After Vivo’s exit from the 2020 IPL, the league has suffered another setback as the associate sponsor in Future Group has also pulled out from IPL 2020 at the last minute.
“Yes, Future Group has pulled out of the IPL Sponsorship deal. We are looking for a replacement”, confirmed the BCCI source currently in Dubai.
Future Group was associated with IPL for the last five years. As per the recent reports, they have now discontinued their deal with the cash-rich league. It has come after the company is reportedly on the verge of a takeover and has been suffering losses incurred due to novel coronavirus.
“Future Group has been in bad shape since the start of Covid-19. It was bound to happen that they wouldn’t have been able to spend Rs 40 crore to be a part of BCCI’s central sponsorship pool. Hence, the pull-out is not a surprise,” the source said.
“Right now, the Future Group is going through a restructuring phase and there are talks with multi-national conglomerates about its potential takeover in the next few weeks. So sponsoring sporting events at the moment wasn’t the top priority for Future Group,” he added.
The official website of IPL has also removed the logo of the company and is currently on a lookout for new sponsors. The 20th edition of Indian Premier League is slated to start from 19th September 2020.
Earlier, fantasy sports platform Dream11 replaced Vivo as the new title sponsors for this year’s IPL. They won the rights with a winning bid of INR 222 Crores, beating the likes of Unacademy, Tata Group etc in the race.
