Pune Warriors India have withdrawn from the Indian Premier League after they failed to pay the full franchise fees for the current year.
The Indian cricket board (BCCI) have encashed the franchise's bank guarantee, casting a shadow over their future in the IPL.
"Yes, the BCCI has initiated procedure to encash the bank guarantee that has been deposited in order to procure Pune Warriors' franchise fee for the current year," a senior BCCI official told PTI.
"In January this year, Sahara paid around 20 per cent of the year franchisee fee. The BCCI was told that they will pay the remaining amount by May 19 but they failed. The IPL governing council then decided to encash the bank guarantee."
Pune, who are owned by Sahara Adventure Sports, finished eighth in this year's competition.
