- by Stocktry Expert
- 20th Aug 2020
India's Trader body protesting against IPL's Title sponsor- why?
The IPL 2020 title sponsor reportedly has Chinese stakeholders. In this context, on Wednesday, Trader's body CAIT wrote to Board of Control for Cricket in India raising an objection.
"We are deeply pained to note that now Dream 11 has been chosen as the sponsor of IPL 2020 which has Chinese company Tencent Global as one of the major stakeholders.” the Confederation of All India Traders wrote in the letter to Saurav Ganguly, BCCI President.
"We are of the considered opinion that awarding sponsorship to Dream 11 is nothing but a bypass route to neglect the sentiments and feelings prevailing among the people of India against China for its regular attempts to invade the interests of India," CAIT said.
Tuesday saw Fantasy Sports platform Dream11 winning the title sponsorship rights for IPL with a bid of Rs 222 crore. It replaced Vivo for a four and half month deal.
For almost 2 years now, Dream11 has been an IPL sponsor.
A 440-crore deal was suspended between Vivo and the BCCI due to the India-China border standoff.
Though Dream11 was founded by Harsh Jain and Bhavit Sheth and is an Indian company, speculations regarding Chines company Tencent's stakes in the company makes the matter questionable. Although, one of the BCCI's insiders claims that it's less than 10%.
