Length of contract: 3 years | Annualised value: US$1million | Overall value US$3m

Kolkata Knight Riders, the leading IPL team owned and run by some of India's biggest Bollywood stars, has scored Coca-Cola India as an associate sponsor. Coke will use Sprite lemonade, the second biggest soft drinks brand in India, as the title brand. In a side deal it has also been named as the official beverage of the Indian Premier League. 

Coca-Cola is believed to have beaten out its close rival Pepsi-Cola for the deal. Pepsi recently terminated a decade-long association with KKR's Bollywood star owner Shah Rukh Khan and sources say the company offered a one-year IPL sponsorship deal worth around US$800,000 as a 'golden handshake'.

But Pepsi withdrew after Coke secured all the TV advertising sports available on the Sony Max channel during the series. Sony Max has exclusive broadcast rights domestically.

The Sprite branding will appear on the players' shirt sleeves and helmets. Sprite will also have stadium hoardings and activation rights for all seven home-matches at the Knight Riders' home venue, the Eden Gardens, according to a release.

The team is owned by Shah Rukh Khan, actress Juhi Chawla and her husband, Jay Mehta who were all involved in landing the deal.

The Knight Riders have been scouting for a sponsor ever since real estate major Housing Development and Infrastructure Limited (HDIL), which had the deal last season, pulled out this year because of the economic slowdown.

The Sprite lemonade brand will be used by the Knight Riders as part of the promotions and likewise Coca-Cola will use the KKR branding on its products and advertising. A sports industry insider said: "Coupled with the official deal this is a win-win for all parties...except Pepsi."

A Pepsi insider said: "Pepsi does not want to be in a situation where it spends money on any IPL property, but is unable to leverage that through ads on Sony Max. The channel's on-air deal promises exclusivity to a sponsor in the category." The same insider said: "We could not get a single spot aired on Sony Max, as Coca-Cola picked up the sponsor slots blocking the entire category."

KKR co-owner Jay Mehta said. "Kolkata Knight Riders has far exceeded the expectation of competitors and compatriots in terms of our fan following and the success of our brand and business.

"With Sprite now on board, I am confident we will together provide more enhanced experiences to our fans and consumers, making the second season of IPL all the more action-packed and exciting."