The official IPL team of Lucknow, owned by RPSG Group, decided to take public opinions from its fans and the name was shared by owner Sanjiv Goenka in a video message on Monday.
The three-year deal will see My11Circle logo featuring on the Lucknow team jersey.
As per CVC Capital Partners's website, the company that bought the Ahmedabad franchise, it has investments in companies like Tipico and Sisal which are involved in sports betting.
The BCCI had a windfall of close to USD 2 billion with Kolkata-based RPSG Group and international equity investment firm CVC Capital winning the bid for Lucknow and Ahmedabad franchises respectively.
The IPL's first season was played in 2008, and ever since, the league has grown in stature and it is one of the most viewed competitions in the world.