New Delhi, Feb 13: After DLF, Hero MotoCorp on Tuesday pulled out of the Indian Premier League sponsorship, according to a statement issued by the company.
According to a report on CNN-IBN, Hero MotoCorp has withdrawn its sponsorship from IPL after having been associated with the game for a long time now. In 2007, Hero had signed up with BCCI-run lucrative league IPL as associate sponsors for $22.5 million a year for a term of five years and that sponsorship ended in 2012.
Hero MotoCorp was associated with Delhi Daredevils for the first three editions of IPL and with Mumbai Indians for the next two editions of the cash-rich league.
"We have been associated with cricket for over two decades, and it is not correct to say that we are now moving away from cricket," Hero said in a statement.
"We at Hero MotoCorp are engaged in promotion of several sports including cricket, golf, hockey and soccer etc. Our decision not to renew our central contract with IPL and with IPL team Mumbai Indians does not in any way dilute our commitment to cricket as a sport. It is the most popular game in the country, and we will continue to remain associated with the game in various forms," Hero said in a statement.
Though Hero decided to pull out of IPL and all cricket sponsorships, it has signed a four-year deal with the international governing body for hockey, the FIH, and will be sponsoring all the tournaments under FIH.
With Hero MotoCorp's exit from cricket, the game is expected to be poorer by approximately Rs 1200 crore per year.