Mumbai: Mumbai Indians has recorded a 20-22% increase in sponsorship revenue for the 2023 edition of the Indian Premier League, a spokesperson at the Reliance Industries-owned franchise said. Mumbai Indians has nine new sponsors, taking the total sponsor count to 23 for the season that starts on Friday. The brands that have associated with the team for the first time are Mahindra & Mahindra, Garnier Men, Reliance Digital, Bisleri, Viacom18, Max Life Insurance, Bira 91, Bella Vita and UltraTech Cement.

“We have seen 20-22% growth in sponsorship revenue over the last year. This growth has been recorded on a higher base,” the spokesperson told ET. While he did not say how much revenue the franchise has generated from the deals that have already been closed. People familiar with the matter said they were on course to top the ₹100-crore mark. The franchise usually signs long-term deals, the spokesperson said.

“We usually sign long-term deals, preferably three-year deals as it takes three to five years to live the full cycle of sponsorship. Only in exceptional cases we do one-year deals,” he stated, adding that long-term deals help sponsors to derive more value.

Team sponsorships have emerged as an ideal option for many brands who can’t afford to buy sponsorship on TV or digitally during the IPL, he said. Mumbai Indians has identified digital and licensing & merchandising as the next big drivers of revenue growth.