 BCCI on October 26, 2013 has announced the termination of the Sahara Group-owned Pune Warriors India (PWI) from Indian Premier League (IPL).
The board wanted Sahara to furnish a bank guarantee of Rs 170.2 crore to remain part of the league next year. But Sahara reckoned the franchise fee should be lowered since the BCCI did not deliver on its promised number of IPL matches for the team.
The Sahara Group had earlier in May announced its pull-out from the IPL after the BCCI encashed its bank guarantee due to non-payment of franchise fee. But Pune hadn't formally conveyed its pullout to the BCCI.
Pune was the most expensive team in the IPL, bought by Sahara for USD 370 million (approx Rs 1702 crore) in 2010.
Board of Control for Cricket in India (BCCI):
- The Board of Control for Cricket in India (BCCI), headquartered at Mumbai, India, is the national governing body for all cricket in India.
- BCCI is a society, registered under the Tamil Nadu Societies Registration Act. It often uses government-owned stadiums across the country at a nominal annual rent. It is a "private club consortium".
- The board was formed in December 1928 as BCCI replaced Calcutta Cricket Club.
- To become a member of a state-level association, one needs to be introduced by another member and also pay an annual fee. The state-level clubs select their representatives (secretaries) who in turn select the BCCI officials.
Indian Premier League (IPL):
- The Indian Premier League (IPL) is a Twenty20 cricket championship league in India. It was initiated by Lalit Modi and the Board of Control for Cricket in India (BCCI), after an altercation between the BCCI and the Indian Cricket League.
- The league is headquartered in Mumbai, Maharashtra, and is currently supervised by BCCI Vice-President Ranjib Biswal, who serves as the league's chairman and Commissioner.
- It is contested by nine teams as of 2013, consisting of players from around the cricketing world.
- The Premier League is generally considered to be the highest-profile showcase in the world for Twenty20 (T20) cricket, the shortest form of professional cricket with just 20 overs per innings.
- IPL is also known for its commercial success as during the sixth IPL season, in 2013, its brand value was estimated to be around US$2.99 billion.
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What: Pune Warriors India (PWI) terminated from IPL
When: October 26, 2013
Why: for non-furnishing of franchise bank guarantee |
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