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Curse of India’s Cricket Jersey?: Beyond the sponsorship jinx behind Sahara, BYJU’S and now Dream11
From financial scandals to regulatory crackdowns, India’s most coveted sponsorship property has left its last three backers in turmoil. As the Online Gaming Bill 2025 throws Dream11 into uncertainty, experts debate whether the jersey is truly jinxed- or if high-risk brands are simply playing a dangerous visibility game.
The Indian cricket jersey seems to be a jersey with a jinx for sure, say experts. “We have had issues across each of the primary sponsors, whether it be Sahara, Byju’s or Dream11. Accident or reality - it makes for good reading.” (Image source: ICICI Store)
For two decades, India’s cricket jersey has been a marketing holy grail. It offers unrivalled visibility - 700 million-plus viewers across more than 100 days of cricket each year - and the kind of cultural salience that money usually can’t buy.
But for many of the brands that claimed that prime spot on Team India’s chest, the dream has curdled into a nightmare.
A string of high-profile stumbles
Sahara’s 12-year run (2001–2013) ended under a cloud of regulatory scrutiny and decline. Oppo’s big-money deal (2017–2019) was cut short amid cost pressures, handing the baton to BYJU’S. The edtech unicorn’s sponsorship (2019–2023) coincided with its post-pandemic unraveling - funding crises, governance lapses, and regulatory heat.
Now Dream11, the fantasy sports giant that took over in 2023, finds itself under siege after the Online Gaming Bill 2025 banned money-based online games and their advertising.
It’s a pattern that raises an uncomfortable question: is the jersey cursed?
Brand Guru Harish Bijoor thinks the sequence is too striking to ignore. “The Indian cricket jersey seems to be a jersey with a jinx for sure,” he says. “We have had issues across each of the primary sponsors, whether it be Sahara, Byju’s or Dream11. Accident or reality - it makes for good reading.”
But Bijoor, Founder, Harish Bijoor Consults Inc. is quick to underline that the problem is less about the fabric and more about the firms that chase it.
“Brands with a fair bit of money in the kitty and wanting immediate and big visibility find the cricket jersey the best thing to buy,” he says. The trouble, he argues, is that many of these sponsors come from volatile sectors and are ill-prepared to withstand the intense spotlight.
The global playbook of “cursed” sponsorships
Adityan Kayalakal, VP and Head of Marketing at Jupiter Money, argues that the phenomenon is not unique to Indian cricket.
“For decades, jersey and stadium sponsorships have been viewed as the pinnacle of brand visibility. Yet, the history of sports sponsorships is filled with high-profile brands whose ambitions on the field were followed by turmoil off it,” he says.
He cites examples from across the world.
Wish’s deal with the LA Lakers ended as the e-commerce player’s valuation collapsed; Real Madrid’s shirt sponsor BenQ went bankrupt within a year; West Ham’s partner XL Leisure folded mid-contract; Northern Rock and AIG were swept away by the 2008 financial crisis.
All through January, the Lakers sported their “Lake Show” jerseys in 10 games and lost nine of them. Fans flooded social media urging the team to drop the jinxed jerseys, and the Lakers finally listened. When they stepped into Madison Square Garden to open February, they ditched the jerseys, and walked away with a win.
Parmalat’s implosion engulfed European sports investments. Even entire marketing agencies and rights holders haven’t been immune. International Sport and Leisure (ISL), a major partner of FIFA and the IOC, folded amid fraud allegations. FTX, the crypto exchange, splashed its logo across stadiums and F1 cars before imploding in one of the largest corporate scandals of the decade.
In fact, venue naming rights have their own chequered history, earning a reputation for jinxing brands:
Enron Field (Houston Astros) was renamed almost immediately after Enron’s fraud scandal; PSINet Stadium (NFL Ravens), Adelphia Coliseum (Tennessee Titans), and Conseco Fieldhouse (Indiana Pacers) all lost sponsors to bankruptcy; and National Car Rental Center and WorldCom also joined the list, highlighting the volatility of over-extended companies chasing visibility.
Kayalakal points out that high-risk categories like edtech, crypto, online gaming and travel need rapid awareness to fuel growth and investor interest. Sponsorships give instant salience but can strain fragile balance sheets. "Add regulatory shocks, economic cycles, and amplified scrutiny, and the jersey becomes an unforgiving spotlight.”
The cost doesn’t help either: India’s jersey rights can demand upwards of ₹50–130 crore annually. For legacy FMCG, BFSI or auto giants, that is brand equity well spent. For fast-growing but fragile firms, it can be a destabilising gamble.
“The jersey is a shortcut to fame,” Kayalakal warns, “but as history shows, it’s also an unforgiving spotlight. Sponsorship can be a kingmaker, but it’s not for the faint-hearted.
For some, the jersey becomes a badge of honor. For others, it’s the first stitch in a thread that unravels the whole fabric.”
Timing, not curse?
Yet, not everyone buys the jinx theory.
Arjun Singh Chauhan, AVP and Head - Marketing & Growth at Apollo 24/7, believes the setbacks are about context, not curses. “It’s not a curse, it’s timing,” he says.
“Post-COVID, traditional blue-chip sectors faced margin stress, while fast-growing players like edtech and gaming turned to cricket for instant scale. OPPO’s pull-out was driven by India-China tensions, not ROI.
Beyond Sahara, most cricket sponsors such as Star, Wills, Pepsi have been successful. These are sectoral trends coinciding, rather than brands failing because of any jinx or curse.”
For brands chasing pan-India imagination, the jersey delivers unmatched value ; 100+ days of cricket, 700M+ reach, at ~₹130 cr. a year. OPPO, for instance, broke through a cluttered mobile market to achieve 80%+ aided awareness. But real business impact needs staying power: at least five years of sustained investment.
He points to the shifting dynamics of today’s market.
“With new-age firms pivoting from ‘growth at any cost’ to profitability, it’s harder for them to justify big-ticket jersey spends. Legacy players with global ambition to build equity are better placed. Tata’s IPL sponsorship is a great example. We’ll likely see the balance shift back toward long-term equity rather than chasing short-term salience spikes.”
For Chauhan, the next big jersey sponsor will come from legacy categories with deep pockets and category-creation ambitions. “BFSI with fintech, auto with EVs, and telcos with 5G and AI are prime contenders. There’s no bigger platform than cricket to fulfil a category creation ambition,” he says.
The Blue Billion Dream: Shortcut to fame, spotlight of risk
BCCI is said to be preparing to float fresh tenders for Team India’s jersey sponsorship, as Dream11 - the current principal sponsor faces uncertainty with the ban on real-money gaming–based fantasy sports in India. The Rajya Sabha on August 21 cleared the Promotion and Regulation of Online Gaming Bill, 2025, which prohibits real-money gaming. Once it receives presidential assent, the ban will come into effect across the country.
With Dream11’s future clouded, the BCCI will almost certainly seek a sponsor insulated from regulatory shocks - likely in BFSI, auto/EV, e-commerce or telecom.
Bijoor thinks e-commerce is a natural fit.
“The cricket jersey is a great thing for an e-commerce player. I don’t see why Amazon, for instance, is not on it, or Flipkart,” he says.
Whether it’s e-commerce giants or BFSI heavyweights, the next sponsor will need both resilience and patience. As Chauhan notes, the jersey delivers unmatched reach, but real impact requires at least five years of sustained investment.
The debate over whether India’s cricket jersey is cursed or simply unlucky misses the deeper truth: it is the most powerful marketing stage in the country, but also the most punishing. For legacy brands with staying power, it is a golden opportunity. For high-growth firms burning cash, it can become a trap.
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