27th Investments pulls out from Lanka Premier League
The Sri Lanka Cricket board and IPG informed that 27th Investments, who were the owner of the Colombo franchise in the Lanka Premier League, have pulled out from the tournament. The development took place on Wednesday evening.
An official press release issued in this regard stated that the firm withdrew its participation “after the parties were not able to come to a conclusive financial and logistical understanding.”
Meanwhile, commenting on the withdrawal, 27th Investments CEO and President Anil Damani said: "We at 27th Investments strongly believe the business of cricket is evolving and is due for large growth, at 27th we are looking at several opportunities for investments at all times. Unfortunately, the opportunity with LPL did not sync with our current vision and plans."
"We wish SLC and IPG good luck for the tournament," he added.
Anil Mohan, CEO IPG, also spoke on the development and said: "It's indeed a loss for LPL that we lost a credible and iconic team owner like 27th Investments who have a history of ownership of strategic assets worldwide."
The upcoming season of the Lanka Premier League is scheduled to start from December 5, with Galle Gladiators set to play against Jaffna Kings in the tournament opener.
The five-team tournament will conclude on December 23.