BCCI invites 'Expression of Interest' for the title sponsor of IPL 2020

The Board of Control for Cricket in India (BCCI) on Monday, invited 'Expressions of Interest' [EOI] to allow third parties to articulate their interest in acquiring the title rights of the Indian Premier League.

With VIVO withdrawing as the title sponsor, several prominent firms, including Amazon, Byju's and Coke, have thrown their hats into the ring to acquire the sponsorship rights of the tournament. 

? BCCI invites Expressions of Interest (“IEOI”) for IPL Title Sponsorship Rights for 2020.

More details here ? https://t.co/9vQi3g7X9S pic.twitter.com/VSogDK38C2

— IndianPremierLeague (@IPL) August 10, 2020

The 'Expressions of Interest' operates with different complexities, as opposed to the standard bidding procedure.

Salient Features of the EOI 

• The BCCI may grant sponsorship rights to any appropriate entity, not necessarily to the highest bidder.
• The rights are valid for the period from 18 August 2020 to 31 December 2020.
• The board has specified that the turnaround of the interested third party must be over INR 300 Crores.
• According to the EOI, BCCI is not obligated to award sponsorship rights to a third party showing its readiness to place the highest bid.
• All matters in relation to this EOI or the process shall be governed by the laws of India, without reference to its conflict-of-law principles and any disputes shall be subject to the exclusive jurisdiction of the courts at Mumbai, India.
• The grant of the Rights shall be conditional upon the relevant third party entering into a binding agreement with BCCI (standard BCCI template of the agreement), the form of which will be sent by BCCI to the relevant third party.
• August 14 is the last date of submitting the EOI forms to the board. The board is likely to make its final decision on August 18.