Business tycoon Harsh Goenka summed up the perils of cricket sponsorship with a one-liner that went viral on X (formerly Twitter). “Want to test your brand’s survival skills? Forget the stock market. Try sponsoring the Indian cricket team jersey!” he posted, poking fun at what has come to be known in industry circles as the “jersey jinx.”
Goenka’s tongue-in-cheek remark could not have been more timely. Just days after Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025, fantasy sports giant Dream11 has pulled the plug on its Rs 358-crore front-of-jersey sponsorship deal with the Board of Control for Cricket in India ( BCCI).
BCCI secretary Devajit Saikia confirmed to ANI that the board will “ensure not to indulge with any such organisations ahead in future,” signalling a clean break from money-based gaming platforms after the new law banned their advertising and sponsorship.
Dream11, which inked a three-year deal in 2023, has found itself in a legal bind. “These are watertight agreements and cannot be exited unilaterally. It will have to be a mutual decision since the law of the land doesn’t permit advertising of banned games,” a person aware of the matter told The Economic Times earlier.
The timing is tricky. With the Asia Cup scheduled for September 9, the BCCI has limited time to secure a replacement sponsor. Yet, insiders say there will be no shortage of suitors—front-of-jersey space is still the most coveted advertising real estate in Indian cricket.
The long shadow of the “jersey jinx”
Dream11’s troubles mark only the latest chapter in a two-decade saga. Since 2001, every company that has adorned the Indian cricket jersey has eventually landed in some form of financial or legal quicksand.
Sahara
For over a decade (2001–2013), Sahara’s logo was synonymous with the Men in Blue. The group backed the team from the heartbreak of the 2003 World Cup to the glory of 2011.
Yet, despite the visibility, Sahara’s empire collapsed under the weight of regulatory violations. As per media reports, after raising about Rs 24,000 crore from 30 million investors, the company faced SEBI action, with founder Subrata Roy arrested in 2014. Even after his death in 2023, efforts to recover investor money continue.
Star India
Walt Disney-owned Star replaced Sahara. But behind the jersey’s glitz, the broadcaster was accused of abusing market dominance, drawing a Competition Commission probe. Meanwhile, Hotstar’s mounting losses eventually forced a merger with Jio, leaving Star’s once-formidable presence weakened.
Micromax, Paytm and Oppo
In 2014–15, homegrown handset maker Micromax Informatics picked up the title sponsorship rights for all international and domestic tournaments in India, reportedly paying Rs 18.01 crore for the season. But its cricketing innings was very short-lived as the company’s fortunes dipped in the face of Chinese smartphone competition.
The baton of title sponsorship was also passed to Paytm, which first bagged the rights for the 2015–19 cycle with a bid of Rs 203.28 crore. The payments giant renewed its grip in 2019, agreeing to shell out a record Rs 326.80 crore for the 2019–23 cycle.
While Paytm managed to outlast many of the jersey sponsors, its own struggles—from mounting losses to regulatory scrutiny came to surface.
As per reports, the Chinese handset maker also signed a record Rs 1,079 crore deal as the lead sponsor but later exited midway due to poor returns. Patent battles with Nokia and InterDigital further dented its standing.
Byju’s
The edtech unicorn stepped in 2019, inheriting Oppo’s financial terms. Initially hailed as the saviour of BCCI’s sponsorship, Byju’s quickly unravelled into its own cautionary tale. By 2023, the BCCI had dragged the company to the NCLT over a Rs 158 crore default, while the firm faced payment delays, insolvency petitions, and regulatory scrutiny.
Dream11
India’s largest fantasy sports platform signed up with BCCI until 2026, but its run has been cut short. Apart from the new ban on real-money gaming promotions, the company has faced tax scrutiny, including alleged GST evasion of ?1,200 crore. Though one notice was withdrawn, fresh probes are expected, leaving Dream11’s sponsorship future in limbo.
More than just advertising
The new online gaming law has added to the churn. The government said the move is aimed at protecting families from predatory platforms and curbing addiction linked to real-money gaming, while encouraging safer digital entertainment. Industry estimates suggest that fantasy sports platforms alone spend over Rs 5,000 crore annually on marketing, much of it in cricket.
That juggernaut now faces a reset and with it, the Indian cricket jersey once again changes hands.
Survival of the fittest
Goenka’s viral quip, delivered with characteristic humour, now reads like a blunt business lesson. For brands, the Indian cricket jersey offers unrivalled visibility, but history shows it comes with high risks—legal battles, regulatory heat, and financial strain.
Goenka’s tongue-in-cheek remark could not have been more timely. Just days after Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025, fantasy sports giant Dream11 has pulled the plug on its Rs 358-crore front-of-jersey sponsorship deal with the Board of Control for Cricket in India ( BCCI).
BCCI secretary Devajit Saikia confirmed to ANI that the board will “ensure not to indulge with any such organisations ahead in future,” signalling a clean break from money-based gaming platforms after the new law banned their advertising and sponsorship.
Dream11, which inked a three-year deal in 2023, has found itself in a legal bind. “These are watertight agreements and cannot be exited unilaterally. It will have to be a mutual decision since the law of the land doesn’t permit advertising of banned games,” a person aware of the matter told The Economic Times earlier.
The timing is tricky. With the Asia Cup scheduled for September 9, the BCCI has limited time to secure a replacement sponsor. Yet, insiders say there will be no shortage of suitors—front-of-jersey space is still the most coveted advertising real estate in Indian cricket.
The long shadow of the “jersey jinx”
Dream11’s troubles mark only the latest chapter in a two-decade saga. Since 2001, every company that has adorned the Indian cricket jersey has eventually landed in some form of financial or legal quicksand.
Sahara
For over a decade (2001–2013), Sahara’s logo was synonymous with the Men in Blue. The group backed the team from the heartbreak of the 2003 World Cup to the glory of 2011.
Yet, despite the visibility, Sahara’s empire collapsed under the weight of regulatory violations. As per media reports, after raising about Rs 24,000 crore from 30 million investors, the company faced SEBI action, with founder Subrata Roy arrested in 2014. Even after his death in 2023, efforts to recover investor money continue.
Star India
Walt Disney-owned Star replaced Sahara. But behind the jersey’s glitz, the broadcaster was accused of abusing market dominance, drawing a Competition Commission probe. Meanwhile, Hotstar’s mounting losses eventually forced a merger with Jio, leaving Star’s once-formidable presence weakened.
Micromax, Paytm and Oppo
In 2014–15, homegrown handset maker Micromax Informatics picked up the title sponsorship rights for all international and domestic tournaments in India, reportedly paying Rs 18.01 crore for the season. But its cricketing innings was very short-lived as the company’s fortunes dipped in the face of Chinese smartphone competition.
The baton of title sponsorship was also passed to Paytm, which first bagged the rights for the 2015–19 cycle with a bid of Rs 203.28 crore. The payments giant renewed its grip in 2019, agreeing to shell out a record Rs 326.80 crore for the 2019–23 cycle.
While Paytm managed to outlast many of the jersey sponsors, its own struggles—from mounting losses to regulatory scrutiny came to surface.
As per reports, the Chinese handset maker also signed a record Rs 1,079 crore deal as the lead sponsor but later exited midway due to poor returns. Patent battles with Nokia and InterDigital further dented its standing.
Byju’s
The edtech unicorn stepped in 2019, inheriting Oppo’s financial terms. Initially hailed as the saviour of BCCI’s sponsorship, Byju’s quickly unravelled into its own cautionary tale. By 2023, the BCCI had dragged the company to the NCLT over a Rs 158 crore default, while the firm faced payment delays, insolvency petitions, and regulatory scrutiny.
Dream11
India’s largest fantasy sports platform signed up with BCCI until 2026, but its run has been cut short. Apart from the new ban on real-money gaming promotions, the company has faced tax scrutiny, including alleged GST evasion of ?1,200 crore. Though one notice was withdrawn, fresh probes are expected, leaving Dream11’s sponsorship future in limbo.
More than just advertising
The new online gaming law has added to the churn. The government said the move is aimed at protecting families from predatory platforms and curbing addiction linked to real-money gaming, while encouraging safer digital entertainment. Industry estimates suggest that fantasy sports platforms alone spend over Rs 5,000 crore annually on marketing, much of it in cricket.
That juggernaut now faces a reset and with it, the Indian cricket jersey once again changes hands.
Survival of the fittest
Goenka’s viral quip, delivered with characteristic humour, now reads like a blunt business lesson. For brands, the Indian cricket jersey offers unrivalled visibility, but history shows it comes with high risks—legal battles, regulatory heat, and financial strain.
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