Pepsi to no more sponsor controversy-hit IPL: report
Indian Express quoted an unnamed IPL source as saying that PepsiCo, who in November 2012 had acquired the title rights for the IPL for approximately $71 million (Rs 396 crore) across a five-year period leading upto 2017 – almost double the original title sponsorship deal of 2008 – had intended to withdraw from the league in 2014 after the spot-fixing scandal broke a year earlier, but were persuaded otherwise.
“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,” The Indian Express quoted the source as saying.
PepsiCo has informed Sundar Raman, the IPL’s COO, that it intends to withdraw and that Raman has informed Shashank Manohar, the newly elected BCCI president, about their decision, said the report.