IPL Suffers yet another Jolt as Lead Sponsor Withdraws

On the other hand, in a joint statement, the board and the company further asserted that because the companies, BCCI and PepsiCo from a long time are having a strong business relations so they would certainly look out for a satisfying way out which addresses PepsiCo’s concerns.

IPL chairman Rajiv Shukla confirmed that the BCCI will not enter into any legal dispute with PepsiCo, which had signed a deal worth Rs 396 crore in 2012.

According to a BCCI source, he said, “They have shown a willingness to move out of the deal from this season due to their own interests and not because of disrepute and stuff”. Talks are going on in a very cordial relationship.

PepsiCo, however, could not be reached for its comment regarding their title rights with the cash-rich league. “They have certain points and we are going to settle them amicably in the next meeting”, he said. However, considering the visibility IPL has garnered for several brands, finding another title sponsor, shouldn’t be a matter of concern. Before Pepsi, the IPL’s title sponsor was DLF.

The spot-fixing scandal involving players as well as team owners that brought a bad name to the league is termed as one of the reasons for this development.

The BCCI banned the three cricketers for life and the Supreme Court appointed the Justice Mudgal committee to investigate the spot-fixing scandal.

It is believed that the BCCI will discuss the issue during its working committee meeting in Mumbai on October 18.

While the ramifications of the suspension are still being perceived, this latest emergence is yet another blow to the BCCI, which is trying its best to come out of the problems grappling it. It’s also puts additional pressure on the new BCCI President, Shashank Manohar, who’s promised to tackle the corruption plaguing the underbelly of Indian cricket.