The BCCI working committee on Saturday Oct 26,2013 terminated its contract with Indian Premier League franchise Pune Warriors for defaulting on its payments to the Board. Owned by the Sahara Group, Pune Warriors have been on a collision course with the BCCI after the Board encashed its bank guarantee due to non-payment of the franchise fee.
"Given Sahara's
continued position that it would not deliver the bank guarantee, the
Working Committee unanimously determined to terminate the Sahara
franchise agreement, while taking whatever action was necessary to
protect the BCCI position," the board declared in a press release
Read more at: http://ibnlive.in.com/news/cricketnext/bcci-terminates-saharaowned-pune-warriors-ipl-down-to-8-teams-sources/430598-78.html?utm_source=ref_article
Read more at: http://ibnlive.in.com/news/cricketnext/bcci-terminates-saharaowned-pune-warriors-ipl-down-to-8-teams-sources/430598-78.html?utm_source=ref_article
on Saturday terminated
the Sahara Group-owned Pune Warriors India (PWI) at it's working
committee meeting, after the franchise failed to furnish the bank
guarantee.
Read more at: http://ibnlive.in.com/news/cricketnext/bcci-terminates-saharaowned-pune-warriors-ipl-down-to-8-teams-sources/430598-78.html?utm_source=ref_article
BCCI wanted the Sahara-owned franchise to furnish a bank guarantee of Rs. 170.2 crore to remain a part of the2014 season but the Sahara-owned franchise defaulted on its payments and refused to furnish the bank guarantee for the next seasonRead more at: http://ibnlive.in.com/news/cricketnext/bcci-terminates-saharaowned-pune-warriors-ipl-down-to-8-teams-sources/430598-78.html?utm_source=ref_article
Note
Pune, bought by Sahara for $370 million (approx Rs 1702 crore) in 2010, was the most expensive franchise on the IPL
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