Dream 11 were officially announced as the title sponsor of IPL 2020 but CAIT, a trading association who are leading the boycott of Chinese goods, have written a letter to BCCI president Sourav Ganguly expressing their dissatisfaction.
Dream 11 were officially confirmed as the title sponsors of IPL 2020 after the BCCI and Vivo suspended their association for this edition of the tournament due to the ongoing tensions between India and China in Galwan. Dream 11 acquired the title sponsorship rights for Rs 222 crore and this has helped BCCI tide over some of the losses. However, the move to make Dream 11 as the title sponsor has not gone down well with one trading association and they have gone one step further in writing a mail to BCCI president Sourav Ganguly. CAIT (Confederation of All India Traders) is leading a campaign for the boycott of Chinese goods and they have expressed their ‘deep pain’ in the letter.
“We are deeply pained to note that now Dream 11 has been chosen as sponsor of IPL 2020 which has Chinese company Tencent Global as one of the major stakeholders. We are of the considered opinion that awarding sponsorship to Dream 11 is nothing but a bye pass route to neglect the sentiments and feelings prevailing among the people of India against China for its regular attempts to invade the interests of India,” the CAIT letter said.
Tencent a sore point
Dream 11 is facing the wrath due to one entity, Tencent.
In some media reports, Tencent Holdings Ltd has invested USD 100 million in Dream 11. Tencent is China’s biggest gaming and social media company and it has invested in Dream XI Fantasy.
Tencent was founded in 1998 in Shenzhen and it has mushroomed into one of the biggest conglomerates in China. It includes instant messenger services like Wechat, Hike and Tencent QQ but it is largely responsible for being the publishing partner of PUBG. The online video game is massively game among the youth both in India and China.
However, the ire towards Dream 11 seems to stem out of the confusion that it is owned by the Chinese. In fact, on closer introspection, Dream XI is owned by Harsh Jain and Bhavit Sheth ever since it’s creation in 2012. All 400-plus employees working in Dream 11 are Indian and their Indian investors are Kalaari Capital and Multiples Equity.
So, it is true that Tencent has a stake in Dream 11. Whatever profits Dream 11 might get from the title sponsorship as well as through the broadcast might benefit Tencent as well this year.
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