Coca-Cola to cancel sponsorship with IPL
One of its biggest advertisers of Indian premier League (IPL)- Coca-Cola, is parting contract with the league as the thirteenth edition of the IPL is still in dilemma. Due to COVID-19 pandemic, the tournament was postponed before. But there are speculation of the tournament to be held at the end of the year.
The 2020 edition of the cash rich T20 league was originally scheduled to begin on March 29 but was indefinitely postponed due to COVID-19 pandemic across the globe. Although, BCCI is looking at the September-October window to stage a delayed edition of the Indian Premier League (IPL 2020).
Unfortunately, IPL is likely to loose partnership with Coca Cola which was one of its biggest advertisers. Along With Star Sports, as the on-air co-presenting sponsors for the IPL 2019, Coca cola spend ₹ 135 crores. As the IPL possibilities is still in smoke, the brand decided to part of.
Coca Cola was committed to be the sponsor with the broadcaster to renew the on-air partnership and a new contract with Kolkata Knight Riders. But as the brand will reportedly stay away from IPL 2020 therefore those plans might not go forward.
“The April-June quarter accounts for nearly half of annual soft drink sales in India, and remains the peak advertising and marketing window for soft drinks makers, coinciding with both IPL and the ICC World Cup. Even if the IPL is held later in the year, Coca-Cola may scale down exposure to cricket, in a reversal of its earlier plans,” an industry official updated on the development, ET has quoted.
Coca cola was also in partnership with International Cricket Council (ICC). But the sources in the company suggested that they will retain the contract with ICC.
“ICC for us is a long term deal and we will stay committed to the same”, declared one of the lead executive of the company.