JK Lakshmi Cement has extended title sponsorship deal with Rajasthan Royals. The Singhania group cement brand has inked a multiple-year deal with the Jaipur franchisee to be the title sponsors of the Indian Premier League franchisee.
Rajasthan has a strong consumer base for JK Lakshmi Cement, which according to market sources has made significant gains in the targeted market after the brand’s association with the Rajasthan Royals.
The franchisee, most active of the IPL teams on social media and its official website, and the brand have not made any formal announcement on their renewed understanding.
The deal is extended amidst uncertainties over the owners’ future with the team. There have been reports that the Rajasthan Royals franchisee ownership was engaged in diluting their stake in the team. Former IPL team Rising Pune Supergiants’ owners have reportedly been engaged in negotiations to pick 50% stake in the team.
Rajasthan Royals are one of the four IPL franchisees to have retained their title sponsors. Kolkata Knight Riders (Nokia), Delhi Capitals (Daikin) and Chennai Super Kings (Muthoot) are the other three, while Kings XI Punjab, Royal Challengers Bangalore, SunRisers Hyderabad and Mumbai Indians are yet to finalise a brand to appear on the most prominent place on their jerseys.
Also read: IPL 2019: KXIP, RCB, Mumbai Indians, SunRisers hunt for title sponsors
The RR-JK Lakshmi deal was closed at ₹ 11 crores last year. The terms of the extended contract are not known. However, the renewed deal will continue for the next four to five years.
The IPL Season 12 will start from March 23 when defending champions Chennai Super Kings will play host to Virat Kohli-led Royal Challengers Bangalore.
Also read: IPL 2019 Schedule for first two weeks
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