The spat between Sahara India and the BCCI has taken an ugly turn, as the Pune Warriors India quit the Indian Premier League (IPL) after the Board encashed the bank gurantee deposited by them. Sahara had failed to pay the franchise fee of Rs 170 crore on time due to the crisis it is going through. Sahara has also decided not to renew its sponsorship contract with Team India.
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Pune Warriors India was the most expensive team in the IPL, as it was bought by Sahara for $370 million or Rs 1702 crore for a 10-year period. In the IPL 6, the team fared badly by finishing 8th in the points table.
According to Sahara Group, the BCCI encashed their bank deposits even as the talks were on to resolve the payment issue. The group took it as an insult, as they have always stood by the Board as the main sponsor of Team India.