Pune Warriors' IPL contract terminated by BCCI
Chennai, October 26, 2013
First Published: 14:31 IST(26/10/2013)
Last Updated: 14:34 IST(26/10/2013)
The BCCI on Saturday terminated Pune Warriors from the IPL after the Sahara-owned franchise defaulted on its payments and refused to furnish the bank guarantee for the next season.
The decision was taken at the cricket board's all-powerful working committee
meeting here, a top BCCI official said.
The Pune Warriors have been on collision course with the BCCI after the Board encashed its bank guarantee due to non-payment of franchise fee.
The Sahara group announced its pull-out from the IPL after that even though that is yet to be formally conveyed to the BCCI, which in turn wanted the team to furnish a bank guarantee of Rs. 170.2 crore to remain a part of the league next year.
The BCCI, after reportedly reminding Sahara about the payment several time, has now terminated it from the IPL.
IPL governing council members were also present in today's meeting where the Board issued a 30-day termination notice to Pune Warriors.
Sahara has been demanding the completion of the arbitration proceedings on the issue of franchise fee, which, it feels, should be lowered since the BCCI did not deliver on its promised number of IPL matches for the team.
The arbitration process has not yet started because of the differences between BCCI and Sahara over the judges to be appointed for it.
Pune, bought by Sahara for USD 370 million (approx Rs. 1702 crore) in 2010, was the most expensive franchise on the IPL roster and its termination would cause substantial financial loss to the BCCI.