In yet another bad news for BCCI, beverage giant PepsiCo has decided to sever their ties with them and sent them a notice expressing their intention.
According to a report in The Indian Express, PepsiCo wants to withdraw from being the title sponsor of the Indian Premier League (IPL) because of all the controversy that is surrounding them with regards to the spot-fixing case.
The report further states that PepsiCo has allegedly informed the IPL’s chief operating officer Sundar Raman about their intention and want to withdraw from the deal for which they paid Rs.396 crore ($71.77 million) back in 2012.
PepsiCo had signed a contract with BCCI to be the title sponsor for IPL for the period 2013-2017.
Raman, in turn, is believed to have informed the newly elected BCCI president Shashank Manohar about Pepsico’s plan.
Manohar is planning to take the matter up in BCCI’s working committee meeting that is to take place on October 18.
The move is not surprising though as in the past as well, PepsiCo had hinted that they were considering such possibility.
What is more, with two of IPL’s top teams, Chennai Super Kings and Rajasthan Royals, banned from competition earlier this year, it would not be a surprise if a corporate giant like PepsiCo completely severs off their ties with BCCI.