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The new IPL title sponsor to exchange Chinese cell phone firm Vivo will maintain the rights for under a four-and-a-half-month interval and the very best bid could not essentially find yourself being the successful one, the BCCI said on Monday. Vivo, which had a Rs 440 crore per yr deal for 5 seasons, has suspended its partnership with the Board as a result of Sino-India border stand-off. BCCI floated the tender invite for a brand new sponsor on Monday. Secretary Jay Shah introduced a 13-point clause for submission of the bids from “third parties” and the winner will likely be introduced on August 18. The final date for submission of bids is August 14.
“The Rights are available for the period from August 18, 2020 to December 31, 2020,” the BCCI press launch said.
“Details regarding the Rights and product categories in which the Rights are available will be provided only to parties who submit the EOI and are found eligible,” it said.
The BCCI additionally said that bidding the very best quantity could not fetch the rights for a corporation if the board is just not happy with its plans on commercialising its most treasured property.
“…it is clarified that BCCI shall not be obliged to award the Rights to the third party which indicates willingness to pay the highest fees in the course of discussions/ negotiations with BCCI after submitting an EOI,” the BCCI said.
“BCCI’s decision in this regard will also depend on a number of other relevant factors, including but not limited to, the manner in which the third party intends to exploit the Rights and the potential impact of the same on brand IPL…,” the BCCI launch said.
“…(it) will be examined/evaluated by BCCI in the course of discussions/negotiations with interested third parties who submit an EOI,” it added.
It can now be safely assumed that BCCI will get a lesser valuation for a four-month interval in comparison with Vivo which had the rights for a much bigger period.
According to the BCCI’s norms for accepting the ”Expression of Interest” (EOI), “…turnover of the third celebration have to be over Rs 300 Crore (Indian Rupees Three Hundred Crores solely) as per the final audited accounts.”
The audited accounts need to be submitted with the bid.
The BCCI also made it clear that middle-men or agents cannot enter the bidding process and “any such bids will likely be cancelled.”
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“It is clarified that advertising company/brokers usually are not eligible to bid and any bid submitted by a advertising company/agent shall be rejected on the outset.”
Yoga guru Baba Ramdev’s Patanjali Group is amongst those that have expressed curiosity in bidding for the rights.
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