Penn’s athletic department announced Wednesday it had reached what it called “a significant sponsorship agreement” with the Tri-State Toyota Dealers Association that makes Toyota the exclusive presenting sponsor of the Penn Relays.

The carnival, which will be staged for the 126th time from April 23 through 25, now formally will be called The Penn Relays, presented by Toyota.

“We are extremely excited and grateful that Toyota is supporting the Penn Relays with this significant sponsorship, which will enable us to further strengthen this historic event and provide a first-class experience for our athletes, coaches and fans,” athletic director Dr. M. Grace Calhoun said.

According to the agreement, Toyota will be recognized as the carnival’s official automotive sponsor, which includes presence on site and inside Franklin Field, and on its digital and social platforms.

“The Penn Relays is not only an important, iconic event here in Philadelphia,” Toyota Marketing group vice president Ed Laukes said. “The meet is central to Toyota’s support for all athletes in the track and field community seeking to achieve their Olympic dreams. We are thrilled to sponsor this annual event and look forward to the competition.”