Inaugural Indian Premier League (IPL) champions Rajasthan Royals (RR) is looking to achieve an increase of 40 percent in sponsorship revenue in the upcoming season of the lucrative league.
Although RR has signed up with brands like Jio, Colgate and Red Bull and others to achieve their target, the franchise is yet to find a title sponsor.
Earlier on Wednesday, RR had signed a two-season deal with two-wheeler helmet manufacturer Studds Accessories Ltd as an associate sponsor.
As per the agreement, Studds logo will feature on RR players’ helmets and caps.
“This partnership not just adds a royal touch to our brand but also helps in further strengthening our commitment towards providing the best safety and quality products as well as services in the country,” Gaurav Bhola, general manager – sales and marketing, Studds Accessories Ltd was quoted as saying by Mint.
“At Rajasthan Royals, we are privileged to have the opportunity to work and associate with some of the best brands in the business. We are delighted to be welcoming on-board our new associate partner, Studds Accessories Ltd…,” Jake Lush McCrum, COO, Rajasthan Royals said.
Earlier, a Duff & Phelps report had stated that Rajasthan has suffered an 8.1% dip in brand value in 2020 from INR 271 crore to INR 241 crore while the IPL brand value saw a dip of 3.6% in 2020 due to the COVID-19 pandemic.
As per the findings, the IPL ecosystem value decreased by 3.6 percent in constant currency terms to Rs 45,800 from Rs 47,500 crore in 2019.