New Delhi, Sep 2 (PTI): The Board of Control for Cricket in India (BCCI) announced on Tuesday that they are inviting bids for the Indian cricket team's title sponsorship rights. This move comes after Dream11, a leading fantasy sports company, decided to pull out due to compliance issues with the 'Promotion and Regulation of Online Gaming Act 2025'. The act prohibits the offering or promotion of real money gaming services. As a result, Dream11 has shut down its real money gaming operations.
Dream11, along with My11Circle, had invested approximately Rs 1,000 crore into BCCI through their sponsorship of the Indian cricket team and the Indian Premier League.
The BCCI has now set specific eligibility criteria for new bidders. It prohibits any company involved in online money gaming, betting, or gambling services from participating. This includes companies with any investment in such ventures.
The closing date for purchasing the Invitation to Express Interest (IEOI) is September 12, with bid submissions due by September 16.
Additionally, entities involved in prohibited activities under the Promotion and Regulation of Online Gaming Act, 2025, are barred from bidding. Sectors like tobacco, alcohol, and those considered likely to offend public morals such as pornography are also excluded. Furthermore, certain brand categories are blocked due to existing agreements with BCCI sponsors. These include athleisure and sportswear, banking, cold beverages, and insurance. Current sponsors in these sectors include Adidas, Campa Cola, IDFC First Bank, and SBI Life.
Bidders involved in multiple categories, where one falls under blocked or prohibited categories, are ineligible for bids in those segments. Surrogate branding is strictly prohibited, ensuring no indirect representation or use of alternate entities for bidding.
Financially, bidders must have an average turnover or net worth of at least Rs 300 crore over the past three years.
The board retains the authority to cancel or modify the IEOI process without giving reasons.
Dream11, which had secured the sponsorship rights for USD 44 million (Rs 358 crore) covering 2023 to 2026, is pulling out almost a year before the end of their contract. However, BCCI is not imposing a penalty, recognizing the need for compliance with the government's rules. "The BCCI fully understands one of our sponsorship partner's plight. It is not their fault and unlike other issues of payment default, there won't be any penalty levied on Dream11. This is a government rule, and full compliance is required, and in the current scenario, their business will be impacted," a top BCCI official stated, preferring anonymity.
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