Dream11 revamps Rario’s leadership
leadership changes, Dream Sports is also looking at a significant restructuring of the NFT (non-fungible token) startup and has let go approximately 60% of its workforce, highlighting the depth of the internal conflicts and challenges. “There was a board meeting on Wednesday, following which Harsh Jain (co-founder of Dream Sports) fired the founder and co-founder of Rario. More than 60% of staff also got laid off," said a person with direct knowledge of the matter.
A second person confirmed that there were some disputes and disagreements related to the fulfilment of commitments by Rario, prompting Dream Sports to step in. In July 2023, Rario terminated a contract with Innovative Production Group (IPG) for the Lanka Premier League (LPL). Calling the termination a “clear violation of the contractual terms and constitutes an act of bad faith," IPG sent a notice to Rario, seeking $400,000 as compensation for the damages caused by the termination.
Mint has accessed the notice. “There were many such instances of non-payment or failure to fulfil commitments from Rario to many of its partners. It reached a level where those partners started reaching out to Dream Sports, a majority holder in Rario.
Dream Sports runs a very clean and fair business and can’t be seen as associated with a company which goes back on its contractual obligations. So, while the legal team of Dream Sports is looking into it, a decision was taken to remove the Rario founders," the second person said. A Dream Sports spokesperson declined to comment, while Wadhwa did not respond to a query.
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