Sahara withdraws team India sponsorship, IPL team

NEW DELHI Sat Feb 4, 2012 12:17pm IST

1 of 3. A policeman walks past a logo of the Board of Control for Cricket in India (BCCI) during a governing council meeting of the Indian Premier League (IPL) at BCCI headquarters in Mumbai April 26, 2010.

Credit: Reuters/Arko Datta/REUTERS

Related Topics

Stocks

   

NEW DELHI (Reuters) - Sahara Group has pulled out of its sponsorship deal with the Board of Control for Cricket in India (BCCI) and the Pune franchise of the Indian Premier League (IPL), the diversified business conglomerate said on Saturday.

Citing instances where it has been denied "natural justice" in IPL, Sahara said in a statement: "We really feel such one-sided emotional relationship cannot be dragged (out) any further. We are withdrawing from all cricket under BCCI.

"However, we don't want to give any problem to the BCCI and we also feel that the players should not suffer. BCCI will definitely take 2-4 months to get a new sponsor and we will continue paying the sponsorship money until then.

"All other IPL team players, coaches and other such associates will definitely get their due this year, in case they do not get a chance to play," added the group which has been the sponsor the Indian cricket team since 2001.

Sahara's existing sponsorship deal, at $719,000 per match, was to end on Dec 31, 2013.

"It's unfortunate but we have not received anything in writing from them and cannot comment on a media statement," BCCI vice president Rajeev Shukla told reporters.

While he did not elaborate, denying the Sahara-owned Pune franchise a replacement for their ailing player Yuvraj Singh is perceived as a major reason behind the fallout.

The development came barely an hour before Saturday's IPL players auction in Bangalore.

Sahara claimed its first bid to enter IPL in 2008 was foiled by "a small technicality on the whims and fancies of BCCI".

"Our humble request once again to the BCCI is that through the right process ... they should pass on our (IPL) team to some other interested party immediately," the group said.

Instead, the group would reinvest the money and set up 20 sports promotion centres with an international standard sports academy.

Sahara bid $370 million to become owners of the IPL Pune franchise in 2010 and invested $100 million in Force India for a 42.5 percent stake in the Formula One team last year.

(Reporting by Amlan Chakraborty in New Delhi; Editing by Alastair Himmer; To comment on this story: email sportsfeedback@thomsonreuters.com)

FILED UNDER:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage