The Rajasthan Royals, of Indian cricket’s top-tier men’s IPL T20 competition, have secured a contract extension with domestic energy provider and title sponsor Luminous Power Technologies for another two years.
The extension will see Luminous retain its branding on the front of the team’s official jersey and training kit across all games during the upcoming 2024 and 2025 IPL seasons, after initially signing a one-year contract ahead of the 2023 edition in March to replace dry fruit and snack brand Happilo.
Luminous' branding will also continue its wide presence within the franchise, including through in-stadium signage at the team’s home matches and social media marketing.
As part of the extension, the pair will continue to collaborate on sustainability projects in the Rajasthan region having already done so during the first year of their contract, including a project to improve solar power and sustainability in the region.
Jake Lush McCrum, Rajasthan Royals’ chief executive, said: “Our values are deeply aligned and the social impact that we intend to create through effectively activating solar energy and enriching livelihoods in communities across Rajasthan is incredibly exciting.
“The renewal of our partnership gives us both the opportunity to deeply engage with our fans and consumers throughout the year and drive incredible life-changing campaigns while innovating together every step of the way.”
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By GlobalDataThe extension expands Luminous’ presence in Indian cricket, having a long-term partnership with former Indian cricketer Sachin Tendulkar. At the same time, national star Virat Kohli is an ambassador for the company’s Amaze brand.
The new deal also comes after reports earlier this month that Saudi Arabia is interested in purchasing a multi-billion-dollar stake in the IPL.
News outlet Bloomberg said advisors to Saudi Crown Prince Mohammed bin Salman are in talks with officials from the Indian government about potentially moving the IPL into a holding company – which could be worth as much as $30 billion.
The IPL is currently run by a governing council, and ultimately by the Board of Control for Cricket in India (BCCI), with its 10 teams privately owned.
The 10-team IPL, launched in 2008, has gradually become one of the world’s foremost sports properties in terms of financial value, with the total value of its media rights in the current five-year cycle topping $6 billion.
The 2024 IPL is likely to run between late March and late May.
