Chinese smartphone maker Vivo Communication Technology Co’s Indian arm Vivo India is set to withdraw as title sponsors of the upcoming Indian Premier League (IPL), according to people familiar with the matter at the Board of Control for Cricket in India (BCCI).
If it happens, the move would leave IPL poorer by Rs 440 crore, also affecting the finances of each of the teams.
Vivo India paid Rs 2200 crore in 2017 for a five-year title sponsorship deal with IPL. Neither BCCI nor Vivo India wants to break the contract, but given the current environment, believe that this is the best thing to do—at least for this year.
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