Beverage giant PepsiCo has written to the Indian cricket board informing the latter about its intention to withdraw from the Indian Premier League (IPL) as title sponsor, stating the controversy surrounding the spot fixing case, reported The Indian Express.
Sources told the newspaper that the company made the decision following issues which have brought the game into "disrepute".
The report states, "It is reliably learnt that PepsiCo has informed the IPL’s chief operating officer Sundar Raman about its intention to withdraw from the title sponsorship for which it had paid Rs 396 crore ($71.77 million) for the period 2013-2017."
“Last season, Pepsi wanted to withdraw, especially in the aftermath of the spot-fixing case but the BCCI managed to convince it to stick on for another year. However, this time it was firm that it will not continue its association with the IPL, more so after the Lodha Committee recommended the suspension of Chennai Super Kings and Rajasthan Royals. The conflict of interest issues also had an impact,” an IPL source told The Indian Express.
The BCCI is expected to discuss PepsiCo’s notice during its working committee meeting in Mumbai on October 18, the report adds.