IPL new logo: BCCI needed to select a new title sponsor to the 2020 Indian Premier League after Chinese smartphone maker Vivo India’s sponsorship was frozen for this variant. After some deliberation, the sponsorship rights were given to Dream XI, which is a leader in the fantasy gaming area. Dream XI agreed to cover BCCI Rs 222 crore for those rights, which is nearly half the amount (440 crores) that Vivo has been paying.

IPL took to it’s official Instagram handle to share the picture of its new logo with the hashtag “#Dream11IPL”, and asked fans how they liked it.

Defending champions Mumbai Indians, who will arrive in UAE for the 13th edition of IPL on Friday and will the opening match of the upcoming season on September 19, also shared the logo on their Instagram, and wrote: “Now taking guard, #Dream11IPL”.

Dream11 on Tuesday emerged as the highest bidder for IPL 2020 title sponsorship with a bid of Rs 222 crore. The sports fantasy platform outbid online education platforms Byju’s and Unacademy to emerge on top. Notably, Byju’s had submitted a bid of Rs 201 crore while Unacademy bid Rs 170 crore.

However, BCCI was not willing to agree to a 3-year conditional bid as it feels it might be able to get much more money than Rs 222 crore in 2021 and 2022. While market analysts had predicted a dip in the money for IPL 2020 title sponsorship due to the novel coronavirus pandemic, the BCCI is looking forward to better things in 2021 and 2022.

IPL chairman Brijesh Patel said that Dream11’s association with the league will help increase engagement of the fans with IPL.

“We welcome Dream11 on board as Title Sponsor for the 2020 edition of the IPL. Dream11 upgrading their association from an Official Partner to Title Sponsors is a great testament to the brand IPL. Dream11 as a fantasy sports brand will only grow the engagement of the IPL with its fans. As a digital brand, it will give them leverage to create exciting online engagement for fans sitting at home and watching the matches. We look forward to delivering great value to Dream11,” Patel was quoted as saying in the release.