Over the last two decades, Indian cricket team jersey sponsors have frequently changed—but what’s more striking is the seemingly consistent pattern of companies reaching their peak while sponsoring the Men in Blue, only to suffer significant setbacks soon after. From Sahara to Byju’s and Dream11, the trend has sparked debates about whether cricket’s most sought-after advertising space brings more misfortune than momentum.

Sahara: From Corporate Giant to Collapse

Sahara was one of the most prominent jersey sponsors of Indian cricket, holding the rights from 2001 to 2013. At its peak, the Lucknow-based conglomerate was a diversified powerhouse, with interests in real estate, aviation, media, and even sports franchises like an F1 team and IPL’s Pune Warriors. Paying ₹3.34 crore per match for sponsorship, Sahara was omnipresent—until SEBI ordered it to refund ₹24,000 crore raised through illegal bonds. Founder Subrata Roy was imprisoned in 2014, and the company’s withdrawal from cricket sponsorship marked the beginning of its financial downfall.

Star India: From Dominance to Decline

Star India took over as jersey sponsor between 2014 and 2017 during its peak as India’s premier sports broadcaster. With Hotstar’s rapid rise and cricket broadcasting rights in hand, it paid ₹1.92 crore per bilateral match and ₹0.61 crore for ICC games. However, Star later lost its edge after being merged under Disney and entering a joint venture with Reliance Jio. Scrutiny from the Competition Commission of India further diminished its clout, signaling the end of its golden era.

Oppo: The Smartphone Boom That Slowed

Chinese smartphone brand Oppo bagged the jersey deal in 2017 with a record ₹1,079 crore contract for five years. The company invested heavily in Indian marketing and distribution, paying ₹4.61 crore per bilateral match. But by 2019, Oppo exited early, passing the contract to Byju’s. Rising anti-China sentiment after border tensions and massive tax notices exceeding ₹4,389 crore added to its troubles. Oppo’s market presence remains but has significantly weakened since its cricketing association.

Byju’s: Edtech to Bankruptcy

Taking over Oppo’s sponsorship in 2019, Byju’s was riding high on the edtech boom. Valued at $22 billion, it spent aggressively on acquisitions and branding, retaining the ₹1,000 crore jersey deal until 2023. However, financial mismanagement, unpaid dues of ₹158 crore to BCCI, and investor concerns plunged the company into crisis. By 2024, it had entered bankruptcy proceedings, with founder Byju Raveendran under regulatory scrutiny—marking one of the most dramatic downfalls in Indian startup history.

Dream11: Fantasy Turns Uncertain

Dream11, the current sponsor since 2023, signed a ₹358 crore deal valid until 2026. The fantasy sports platform, once valued at $8 billion with over 200 million users, is now grappling with regulatory headwinds. The Indian government’s Online Gaming Bill 2025, which bans real-money games, coupled with a ₹28,000 crore GST demand, threatens the core of Dream11’s business model. Industry insiders estimate sector-wide losses of ₹15,000–₹20,000 crore, placing Dream11 at a critical juncture.

Lava: The Outlier

While not a jersey sponsor, Indian handset maker Lava has engaged in IPL team sponsorships, including Punjab Kings in 2024. It hasn’t yet faced the dramatic downturn seen by others, but its inclusion hints at the broader pattern of brands aligning with cricket sponsorships during their aggressive growth phases.

A Pattern or Pure Coincidence?

The recurring story suggests more than mere bad luck. Brands often sponsor Indian cricket jerseys during periods of rapid expansion and ambition—an environment ripe for overreach. The massive visibility comes with heightened scrutiny and market exposure, which can accelerate a company’s fall when conditions shift. The so-called “jersey jinx” seems less like superstition and more a reflection of high-risk branding and the volatile intersection of ambition, regulation, and public attention.