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Pepsi set to end headline sponsorship of IPL

IPL
IPL

The Indian Premier League’s title sponsor Pepsi has asked to terminate its contract with the cricketing giant.

Pepsi has a five-year agreement with IPL and was set to end in 2017. The beverage company said it was concerned with the controversies associated with the IPL and bringing “disrepute” to the game. The Indian cricket board, BCCI, however, claimed that Pepsi wanted to end the deal due to its dipping foreign interests.

A source at BCCI told Times Of India, “They have shown a willingness to move out of the deal from this season because of their own interests and not because of disrepute and stuff. So they may not continue as the main sponsor.”

“Because they have the deal with them so we are not bothering them. We have a bank guarantee with us and hence can confiscate it, but we are not doing it. Whosoever will get the rights, we will help get him that guarantee, get it transferred from Pepsi,” the source said.

Indian Premier League chairman Rajeev Shukla said, “We are in talks with other sponsors as well, so the title deal with Pepsi is not that big an issue. They have certain points and we are going to settle them amicably in the next meeting.”

Pepsi expressed concern over the IPL after the 2013 spot-fixing scandal. It had paid Rs 396 crore (US $71.77 million) for the period 2013-2017.