Press Esc to close
Saturday 30 May 2015
News updated at 6:03 PM IST
Weather
Max: 32.4°C
Min : 22.3°C
In Bengaluru
Sunny day

Warriors' fails to pay franchisee fee, BCCI encashes guarantee

New Delhi, May 21, 2013 (PTI)
Pune Warriors team celebrates thier victroy against Delhi Daredevils during the IPL6 match played in Pune on Sunday. PTI Photo

The troubles regarding Indian Premier League doesn't seem to end as Sahara Pune Warriors failed to pay the full franchise fee for the current year which resulted in BCCI encashing the bank guarantee casting a shadow on its future in the cash-rich league in coming years.

"Yes, the BCCI has initiated procedure to encash the bank guarantee that has been deposited in order to procure Pune Warriors' franchise fee for the current year," a senior BCCI official told PTI today.

Sahara bought Pune franchise for a record Rs 1702 crore for 10 years. But they currently have dispute regarding the reduction of the franchise fee as initially there were 94 matches which was later reduced to 74 matches. The issue hasn't been resolved yet.

"In January this year, Sahara paid around 20 percent of the year franchisee fee which is approximately Rs 170 crore. The BCCI was told that they will pay the remaining amount by May 19 but they failed. The IPL governing council then decided to encash the bank guarantee."

However BCCI's decision to go ahead and encash the bank guarantee does raise a question-mark whether the franchise will be a part of the seventh edition of Indian Premier League next year.
"It is too early to say what will happen next year but yes things are indeed looking ominous," another senior BCCI official informed.

When BCCI treasurer Ajay Shirke was contacted in order to confirm the amount of bank guarantee, he refused to divulge any information.

This is not the first time that BCCI has encashed bank guarantees after franchises failed to cough up the fees. Kochi Tuskers Kerala and Deccan Chargers were disbanded from IPL after they failed to pay the required fees.

Pune Warriors' performance has not been good in the three seasons of IPL that they have taken part as they remained in the bottom rung.


Go to Top

Photo Gallery
Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Bollywood actress Sonakshi Sinha poses next to the newly launched BMW 6 Series Gran Coupe...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

Foreigners dance during Millionaire Bhanwar Lal Doshi's Diksha ceremony for becoming a Jain monk...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A man takes a nap inside a car on a hot summer day in Ahmadabad...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

A shepherd going with sheep to the next village near Jaliya Village in Beawar, Rajasthan...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

Monsoon clouds hover over the Mumbai skyline near Marine Drive sea-face side on Friday...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

An Indian child plays in front of a water sprinkler to cool off on a hot summer day...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Martina Hingis of Switzerland returns the ball as she plays with Sania Mirza...

Police detain National Students' Union of India (NSUI) activists during a protest...

Police detain National Students' Union of India (NSUI) activists during a protest...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Waleed Iqbal of Pakistan (Grandson of Muhammad Iqbal)...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

Chief Minister Siddaramaiah eating mango after inaugurating Mango Jackfruit festival...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523