Bengaluru, August 5: Vivo has decided to pull out of the title sponsorship of the IPL 2020 in the backdrop of the prevailing stand-off between India and China. And that makes it mandatory for the BCCI to search for another lead sponsor for the IPL 2020, which is scheduled to be held in the UAE from September 19 to November 10.

Vivo had acquired the contract for nearly Rs 440 crore per year for a five-year term. Though the BCCI and Vivo have not made any official comment about parting ways, it has been believed that they are working on the severance clause with the Chinese smartphone giant trying to get back on board for the IPL 2023.

The market experts, as reported by the Moneycontrol, now have predicted that the BCCI might not fetch a similar amount from the new title sponsor. They expect the new deal, if it is only for one or two years, could land a deal worth somewhere between Rs 250 or 300 crore. They, though, say it will be a temporary setback as the BCCI will gain in the later years with a better sponsorship deal as the brand value of IPL bears no risk of dipping.