Reports | Future Group pull out of IPL's central pool of sponsorship
Ahead of the 2020 IPL season in UAE, reports have indicated that Future Group have pulled themselves out of the central pool of sponsorship for the tournament, owing to their financial situation. The reports also added that Future Group were not able to spend Rs 40 crores to be part of the pool.
Retail conglomerate Future Group have reportedly pulled out of BCCIâs 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.Â
âYes, Future Group has pulled out of IPL central sponsorship and thatâs the reason their logo has been removed from the IPL website. At this point of time, I wonât like to elaborate on the development,â a BCCI veteran confirmed the development to PTI, reported Hindustan Times.Â
Hindustan Times also reported a source, who revealed that Future Groups were unable to spend Rs 40 crore to be part of the boardâs central sponsorship pool.Â
âFuture Group has been in bad shape since the start of Covid-19. It was bound to happen that they wouldnât have been able to spend Rs 40 crore to be a part of BCCIâs central sponsorship pool. Hence, the pull-out is not a surprise,â the source said.
âRight 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 wasnât top priority for Future Group,â he added.
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