Delhi was one of the original teams in the inaugural IPL edition in 2008. Image Credit:

New Delhi: Indian Premier League Delhi Daredevils have been renamed Delhi Capitals as the franchise's new owners seek a change in fortunes for the 2019 edition of the Twenty20 cricket extravaganza.

The team, who have never won the IPL and finished last this year, retained their old red and blue colours but added three roaring tigers to a new logo unveiled in the national capital.

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Mumbai-based JSW Sports bought a 50 percent stake early this year and said they would retain Australian coach Ricky Ponting and captain Shreyas Iyer for the 2019 season.

"Delhi is the power centre of the country, it is the capital, therefore the name Delhi Capitals," JSW director Parth Jindal said.

"With (Shikhar) Dhawan, we have got more solidity at the top. And the young guys who have been with us (Prithvi Shaw and Rishabh Pant) are doing well for India. The captain and coach are the same, there is continuity there," he added.

Former Indian opener Gautam Gambhir stepped down as the team's captain in April after a string of batting flops.

Gambhir, 37, was released by Delhi and announced his retirement from all forms of cricket on Tuesday.

Delhi have $3.5 million to spend at the IPL auction on December 18 in Jaipur ahead of the tournament in April and May next year.

The 2019 tournament, one of the world's most-watched sporting events attracting the world's top cricket stars, could be held partially or wholly outside India depending on the date of the country's general election.

Delhi was one of the original teams in the inaugural IPL edition in 2008. The 2018 champions were Chennai Super Kings.