Dhoni bought the team along with Sahara India Pariwar, who already is the owner of the Uttar Pradesh Wizards side in the HHIL.
The new Ranchi franchise will be known as 'Ranchi Rays' from third edition of HHIL to be held in January-February next year.
Dhoni, a proud son of the city, himself was present on the occasion and unveiled the team logo and jersey at a posh city hotel here.
As part of the arrangement, Dhoni is the principal owner of the new Ranchi franchise and Sahara are expected to provide logistical support to the team.
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Besides cricket, Dhoni already has invested in two other sports -- Mahi Racing and recently became the co-owner of Indian Super League side Chennayin FC.
Talking about his association with hockey, Dhoni said being a sportsperson it was natural for him to promote the national game.
"It is a real pleasure to be associated with hockey. My first and foremost responsibility is to play cricket, but being a sportsperson my natural inclination is to promote sports," he added.