Pune Warriors pull out of IPL

Pune Warriors India, owned by Sahara India Parivar, Tuesday announced they were pulling out of Indian Premier League (IPL).

"It is firm and final decision of Sahara to withdraw from IPL," said a Sahara statement.

Sahara failed to pay the full franchise fee for the current year which resulted in the Board of Control for Cricket in India (BCCI) encashing the bank guarantee, leading to the Pune-based franchise pulling out of the cash-rich league.

However, Sahara will continue to sponsor the Indian cricket team till December 2013.