Retail conglomerate Future Group, which is currently going through a restructuring phase, has pulled out of BCCI's central sponsorship list for the Indian Premier League.

Future Group has been forced to pull out as the company is reportedly on the verge of a takeover and has suffered losses due to the prevailing hostile economic climate in the wake of the COVID-19 pandemic.

"Yes, Future Group has pulled out of IPL central sponsorship and that's the reason their logo has been removed from the IPL website. At this point of time, I won't like to elaborate on the development," a BCCI veteran confirmed the development to PTI.

When a Future Group official was contacted, he refused comment but industry insiders confirmed that the pullout was on cards because of the financial health of the company.

"Future Group has been in bad shape since the start of COVID-19. It was bound to happen that they wouldn't have been able to spend Rs 40 crore to be a part of BCCI's central sponsorship pool. Hence, the pull-out is not a surprise," the source said.

"Right now, the Future Group is going through a restructuring phase and there are talks with multi-national conglomerates about its potential takeover in the next few weeks. So sponsoring sporting events at the moment wasn't top priority for Future Group," he added.

It is learnt that education-technology company Unacademy, which lost the IPL title sponsorship bid to fantasy gaming firm Dream11, is in line to become one of the official sponsors along with credit card payment app Cred. As of now, the IPL website shows only four sponsors.

They are Dream11 as title sponsors along with Tata Motors (Altroz), PayTM and Ceat tyres.

The BCCI normally shares half of its central sponsorship kitty with the franchises.

However, with the title sponsorship amount reduced to nearly half (from Rs 440 crore from Vivo to Rs 222 crore of Dream11) and the subsequent pull-outs, the teams are set to get lesser than what they were earning earlier.

"We know it's not an ideal situation but you can't blame BCCI for this. There is a financial crisis. If franchises have earned and made gains during good times, they understand and stand by BCCI during troubled times," a senior official of a franchise said.

Retail conglomerate Future Group, which is currently going through a restructuring phase, has pulled out of BCCI's central sponsorship list for the Indian Premier League.

Retail conglomerate Future Group, which is currently going through a restructuring phase, has pulled out of BCCI's central sponsorship list for the Indian Premier League. Future Group has been forced to pull out as the company is reportedly on the verge of a takeover and has suffered losses due to the prevailing hostile economic climate in the wake of the COVID-19 pandemic. "Yes, Future Group has pulled out of IPL central sponsorship and that's the reason their logo has been removed from the IPL website. At this point of time, I won't like to elaborate on the development," a BCCI veteran confirmed the development to PTI. When a Future Group official was contacted, he refused comment but industry insiders confirmed that the pullout was on cards because of the financial health of the company. "Future Group has been in bad shape since the start of COVID-19. It was bound to happen that they wouldn't have been able to spend Rs 40 crore to be a part of BCCI's central sponsorship pool. Hence, the pull-out is not a surprise," the source said. "Right now, the Future Group is going through a restructuring phase and there are talks with multi-national conglomerates about its potential takeover in the next few weeks. So sponsoring sporting events at the moment wasn't top priority for Future Group," he added. It is learnt that education-technology company Unacademy, which lost the IPL title sponsorship bid to fantasy gaming firm Dream11, is in line to become one of the official sponsors along with credit card payment app Cred. As of now, the IPL website shows only four sponsors. They are Dream11 as title sponsors along with Tata Motors (Altroz), PayTM and Ceat tyres. The BCCI normally shares half of its central sponsorship kitty with the franchises. However, with the title sponsorship amount reduced to nearly half (from Rs 440 crore from Vivo to Rs 222 crore of Dream11) and the subsequent pull-outs, the teams are set to get lesser than what they were earning earlier. "We know it's not an ideal situation but you can't blame BCCI for this. There is a financial crisis. If franchises have earned and made gains during good times, they understand and stand by BCCI during troubled times," a senior official of a franchise said.

COVID-19 Impact: Future Group no longer part of IPL's central pool of sponsorship

The Board of Control for Cricket in India (BCCI) on Sunday retained all the sponsors of the <a href="https://www.wionews.com/topics/ipl">Indian Premier League (IPL)</a> including the Chinese brands. Following the <a href="https://www.wionews.com/sports/ipl-2020-in-uae-from-match-timings-to-womens-ipl-key-takeaways-from-ipl-gc-meeting-317694">IPL Governing Council meeting</a> which decided on certain important factors including the logistics and match timings, the board decided not to sever ties with major sponsors including Chinese companies despite the recent political tensions between the two countries.

Chinese sponsorship in the IPL became talk of the country in the wake of clashes between Indian and Chinese troops in eastern Ladakh in June. While BCCI did tweet that it will meet to review IPL’s various sponsorship deals but the meeting never took place before the IPL GC met on Sunday.&nbsp;

“Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL’s various sponsorship deals,” IPL had tweeted on June 19.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/ipl-2020-in-uae-from-match-timings-to-womens-ipl-key-takeaways-from-ipl-gc-meeting-317694" hreflang="en">IPL 2020 in UAE: From match timings to women's IPL - Key takeaways from IPL GC meeting</a>

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Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL’s various sponsorship deals 🇮🇳
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One of the main reasons behind retaining Chinese sponsors in IPL 2020 is the difficulty to find new sponsors with similar financial proposals during these tough times.&nbsp;

"All I can say is that all our sponsors are with us. Hopefully, you can read between the lines," a Governing Council member was quoted as saying by PTI.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/bccis-sops-on-resumption-of-training-consent-form-age-bracket-headline-100-page-guidelines-317834" hreflang="en">BCCI's SOPs on resumption of training: Consent form, age bracket headline 100-page guidelines</a>

Vivo – the principle sponsor of IPL – had signed a five-year deal in 2017 with the BCCI to the tune of Rs 2,199 crores. BCCI’s decision comes amid calls of ‘Boycott Chinese Products’ from all over the country after Galwan Valley clash where 20 Indian soldiers were martyred.

"We said we will review sponsorship. Review means that we need to check all the modalities of the contract. If the 'Exit Clause' favours VIVO more, why should we terminate a Rs 440 crore per year contract. We will only terminate if 'Exit Clause' favours us," a Board official had told PTI.

While Indian government has already banned 59 Chinese applications including some of the top social media platforms, to counter threat posed by these applications to country’s “sovereignty and security”, the BCCI decided to oblige to the current contract.

Other key decisions taken in the IPL GC meeting on Sunday were the match timings with evening games now set to start from 7:30 PM IST. The squads have also been restricted to 24-per-franchise with COVID-19 substitutions a llowed.The matches will be played at three venues in the UAE - Dubai, Sharjah and Abu Dhabi.

The Board of Control for Cricket in India (BCCI) on Sunday retained all the sponsors of the Indian Premier League (IPL) including the Chinese brands. Following the IPL Governing Council meeting which decided on certain important factors including the logistics and match timings, the board decided not to sever ties with major sponsors including Chinese companies despite the recent political tensions between the two countries.

The Board of Control for Cricket in India (BCCI) on Sunday retained all the sponsors of the Indian Premier League (IPL) including the Chinese brands. Following the IPL Governing Council meeting which decided on certain important factors including the logistics and match timings, the board decided not to sever ties with major sponsors including Chinese companies despite the recent political tensions between the two countries. Chinese sponsorship in the IPL became talk of the country in the wake of clashes between Indian and Chinese troops in eastern Ladakh in June. While BCCI did tweet that it will meet to review IPL’s various sponsorship deals but the meeting never took place before the IPL GC met on Sunday. “Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL’s various sponsorship deals,” IPL had tweeted on June 19. ALSO READ: IPL 2020 in UAE: From match timings to women's IPL - Key takeaways from IPL GC meeting Taking note of the border skirmish that resulted in the martyrdom of our brave jawans, the IPL Governing Council has convened a meeting next week to review IPL’s various sponsorship deals 🇮🇳 — IndianPremierLeague (@IPL) June 19, 2020 × One of the main reasons behind retaining Chinese sponsors in IPL 2020 is the difficulty to find new sponsors with similar financial proposals during these tough times. "All I can say is that all our sponsors are with us. Hopefully, you can read between the lines," a Governing Council member was quoted as saying by PTI. ALSO READ: BCCI's SOPs on resumption of training: Consent form, age bracket headline 100-page guidelines Vivo – the principle sponsor of IPL – had signed a five-year deal in 2017 with the BCCI to the tune of Rs 2,199 crores. BCCI’s decision comes amid calls of ‘Boycott Chinese Products’ from all over the country after Galwan Valley clash where 20 Indian soldiers were martyred. "We said we will review sponsorship. Review means that we need to check all the modalities of the contract. If the 'Exit Clause' favours VIVO more, why should we terminate a Rs 440 crore per year contract. We will only terminate if 'Exit Clause' favours us," a Board official had told PTI. While Indian government has already banned 59 Chinese applications including some of the top social media platforms, to counter threat posed by these applications to country’s “sovereignty and security”, the BCCI decided to oblige to the current contract. Other key decisions taken in the IPL GC meeting on Sunday were the match timings with evening games now set to start from 7:30 PM IST. The squads have also been restricted to 24-per-franchise with COVID-19 substitutions a llowed.The matches will be played at three venues in the UAE - Dubai, Sharjah and Abu Dhabi.

BCCI retains Chinese sponsors for IPL despite political tensions between two countries

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COVID-19 Impact: Future Group no longer part of IPL's central pool of sponsorship

BCCI retains Chinese sponsors for IPL despite political tensions between two countries