PepsiCo had paid Rs 396 crore for the time period 2013-2017 to be the title sponsor of the cricket series.
Beverage giant PepsiCo has expressed its desire to withdraw as title sponsor of the Indian Premier League, citing the spot-fixing controversy that has landed the high prfile league in trouble once again. The company has also sent a notice to the Board of Control for Cricket (BCCI), announcing its intent, an Indian Express report has said.
According to the report, the beverage company has informed the IPL chief operating officer Sundar Raman about its intention.
PepsiCo had paid Rs 396 crore for the time period 2013-2017 to be the title sponsor of the cricket series.
The newly elected BCCI President Shashank Manohar has been informed about the development, the report says.
However, BCCI sources claimed that Pepsi wants to end the deal due to its dipping foreign interests. "They have shown a willingness to move out of the deal from this season because of their own interests and not because of disrepute and stuff. So they may not continue as the main sponsor," a senior BCCI source said.
Previously, the beverage company, which was paying Rs 396.8 crore for five IPL seasons, which is double of the amount offered by DLF, had shown its concern over the credibility of the league after the two teams suspension.
According to PTI, IPL Chairman Rajeev Shukla said that Pepsi deal is "not a big issue" and the Board is in talks with other sponsors as well to settle the issue "amicably".
"They have been a very good partner all this while and we do not want to disturb our relationship with them. Whatever is going to happen is going to happen in a very smooth manner," Shukla added.
Sources said the BCCI is in talks with all those interested in bagging the rights of title sponsor for the IPL.
"Because they have the deal with them so we are not bothering them. We have a bank guarantee with us and hence can confiscate it, but we are not doing it. Whosoever will get the rights, we will help get him that guarantee, get it transferred from Pepsi," the source said.
The Board will discuss the matter in working committee meeting in Mumbai scheduled on October 18.
With agency inputs
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