Champions League T20 2012 will have a new title sponsor after Nokia withdrew as the sponsors of the tournament.
Instead, CLT20 2012 will have Karbonn Mobiles as their third title sponsors in four years, speaking volumes about the difficulties that the tournament is facing.
Earlier, Airtel was the title sponsor at the Champions League T20 for the first two years before they decided to invoke a ratings clause that allowed them to break the contract before its full term. Airtel had signed a five-year deal worth $40 million but decided to end the contract after two years.
Now Nokia has withdrawn from the sponsorship of the tournament after just one year of being associated with the Champions League T20.
Apart from the tournament now being called the Karbon Mobile Champions League T20, the deal also entitles the company to "rights to on ground title sponsorship with all its entitlements”.
Champions League T20 2012 will be played in South Africa this year from October. Eight teams get a direct entry into the tournament, with six others fighting it out for two places in the Champions League T20 qualifiers.