Media reports suggest the beverage giant has sent a notice to the Board of Control for Cricket in India (BCCI) expressing its intention to withdraw from IPL due to the spot-fixing case.
The company has reportedly sent a notice saying the decision was because of the issues that have brought the game into “disrepute”. The controversy-ridden IPL hit a new low when the Supreme Court recommended suspending the franchises - Rajasthan Royals and Chennai Super Kings - for two years following an investigation into a betting and spot-fixing scandal.
Pepsi paid around Rs.396 crore in 2012 for the title sponsorship between for a five-year period between 2013 and 2017.
"BCCI and Pepsico have had a long-standing cordial relationship. Pepsico has raised certain concerns with the BCCI," the BCCI statement said.
"BCCI has assured that steps will be taken to address the concerns and will work necessary solutions in the interests of the league as well as Pepsico."
"As part of the process BCCI and Pepsico have been in amicable discussions and further update will be shared in due course," it added.
BCCI plans to deliberate on the issue in its next working committee meeting in Mumbai on October 18.