New Delhi: Delhi Daredevils was renamed as Delhi Capitals Tuesday with the hope that it would bring a change in the fortunes of the franchise after a poor track record over the past 11 IPL seasons.

Co-owners Parth Jindal, representing JSW Sport, and Kiran Kumar Grandhi of GMR, unveiled the new name of the team.

Jindal, whose JSW Sport acquired a 50 per cent stake in the Delhi franchise last year, also announced that Shreyas Iyer will continue to lead the team despite the presence of Shikhar Dhawan.

Dhawan returns to Delhi for the 2019 season after being traded by Sunrisers Hyderabad. Australian great Ricky Ponting will continue to coach the team.

Jindal explained why his team zeroed in on the new name of the team: Delhi is the power centre of the country, it is the capital, therefore, the name Delhi Capitals, he said.

The team has retained the old red and blue colour in the new team logo.

Our logo has been inspired by the design of Parliament House.

Tiger is our national animal and the three tigers idea is derived from the Ashok Chakra, said Jindal.

Delhi have Rs 25 crore to spend at the IPL auction on 18 December and Jindal said the team has its plans in place.