Reports | Future Group pull out of IPL's central pool of sponsorship

Retail conglomerate Future Group have reportedly pulled out of BCCI’s central pool of sponsorship list for the 2020 edition of the Indian Premier League. The organization, currently undergoing a restructuring phase, was apparently forced to pull out of the competition, with them on the verge of a take-over following hostile economic climate during 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, reported Hindustan Times. 

Hindustan Times also reported a source, who revealed that Future Groups were unable to spend Rs 40 crore to be part of the board’s central sponsorship pool. 

“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.