The wait for a new jersey sponsor for the Indian cricket team is officially over. Apollo Tyres on Tuesday (September 16) bagged the jersey rights of the Indian cricket team, overcoming stiff competition from Canva and JK Tyres in the process. The three-year deal is valued at Rs 579 crore, and includes 121 bilateral matches and 21 ICC tournament games. Currently, India are participating in the Asia Cup without a title sponsor on their jersey. Apollo Tyres is an MNC based in Gurugram with a strong global presence in several countries.
According to reports, Canva's bid was reported to be Rs 544 crore while JK Tyres had bid Rs 477 crore for the sponsorship rights. Apollo Tyres's bid of Rs 579 crore was a runaway winner. According to Cricbuzz, the BCCI's base price set per game ranges from Rs 3.50 crore for a bilateral match to Rs 1.50 crore for an ICC game. As a result, the average value per match for Apollo Tyres, though roughly in the Rs 4.77 crore range, could have variations due to these differences. Eventually, Apollo's bid is Rs 200 crore more than what Dream11 had shelled out for their deal. As a result, this development of a new sponsor has turned out to be a profitable affair for the BCCI.
“The deal has been signed with Apollo Tyres. We will announce it soon,” said a senior BCCI official as quoted by PTI.
Once the Online Gaming Bill was passed in the Parliament, Real Money Gaming became illegal in India, thereby making entities like Dream11 irrelevant to a large extent. Dream Sports, the parent company of Dream11, generated most of its revenue through fantasy real money gaming which had to be shut down instantly. While the contract for BCCI's jersey sponsorship was valid till March, Dream11 knew it wouldn't be viable to manage things till then, given the financial dent they had endured with the passing of the bill. Subsequently, they pulled out of the sponsorship after a mutual discussion with BCCI, leaving the Indian team without a title sponsor going into the Asia Cup.