Mobile company Vevo has replaced PepsiCo as title sponsor of the Indian Premier League (IPL), the BCCI announced in its working committee meeting at the BCCI headquarters in Mumbai on Sunday.
The Board has also decided not to terminate the Chennai Super Kings (CSK) and Rajasthan Royals (RR), which were suspended for two years by the Supreme Court-appointed Justice RM Lodha Committee for its involvement in the 2013 spot-fixing scandal. The two IPL franchises will however continue to remain suspended and return to the league in 2018.
Two new teams will be formed in the coming season of the IPL to replace RR and CSK for two years.
"The Justice Lodha committee interim report will be implemented fully. The two franchisee teams, Chennai Super Kings and Rajasthan Royals remain suspended for two years. BCCI will float tenders and invite bids for two new teams to replace CSK & RR in the Indian Premier League for 2016 and 2017 (2 years)," the Board said in a statement.
However, the Board did not clarify whether the IPL will be a 10-team tournament on the comeback of CSK and RR in 2018.
"The decision whether it will be a 10-team affair from 2018 will only be taken at the AGM where the other major decisions including bilateral series with Pakistan will be discussed," a senior BCCI official told PTI.
The Annual General Meeting of the BCCI will be held on November 9, 2015.
Vivo has replaced beverage giant PepsiCo as title sponsor of the IPL less than a month the latter wrote to the BCCI about its intention to withdraw from the league stating that the spot-fixing scandal had brought "disrepute" to the game.
PepsiCo had paid Rs 396 crore for title sponsorship of the tournament in 2012 for the period 2013-2017.