NEW DELHI: The Indian Premier League has lost its title sponsor after real estate giant DLF declined to renew its five-year deal, a company spokesman said on Tuesday.

“We have just stepped off the IPL,” DLF group executive director Rajeev Talwar told the Press Trust of India.

“Sponsoring the IPL over the last five years was a strategic decision wherein we wanted to establish our brand presence across India as the leading real estate player.

“We believe that we have been able to achieve the desired objectives to a great extent.”

DLF reportedly paid $50 million to be the title sponsor of the glitzy Twenty20 league for the first five years, a deal which ended with the 2012 edition in March-April.

The last date for renewal of the contract was July 28, Talwar added.

There was no immediate comment from the Board of Control for Cricket in India (BCCI), which owns the IPL.