Hero pulls out of Indian Premier League sponsorship

Hero Moto Corp has pulled out of Indian Premier League sponsorship, according to CNN-IBN sources on Tuesday.

Hero Moto Corp was a team sponsor for Delhi Daredevils for the first three seasons and then of Mumbai Indians for seasons four and five. The group has also sponsored the World Cup and Champions Trophy in the past.

"We have strategically decided to move out of cricket and therefore pulling out from Mumbai Indians is natural," a spokesperson from the group said.

According to sources, the group, however, will continue its association with hockey and golf with the Hockey India League - that culminated on last Sunday - getting a big response from fans.

Also, it has signed a four-year deal with the international governing body for hockey, the FIH, and will be sponsoring all the tournaments under the auspices of the FIH.

Hero, for several years, has also been the patron of Indian golf and is the title sponsor for the Indian Open, one of the biggest Asian Tour tournaments.