Sri Lanka Cricket (SLC) and IPG informed Wednesday that 27th Investments, who were the owners of the Colombo team for the upcoming edition of the Lanka Premier League, has decided to withdraw from the tournament.
According to the official press release, the decision came after both "parties weren't able to after the parties were not able to come to a conclusive financial and logistical understanding."
Speaking on the decision, 27th Investments CEO & President Anil Damani said, "We at 27th Investments strongly believe the business of cricket is evolving and is due for large growth, at 27th we are looking at several opportunities for investments at all times. Unfortunately, the opportunity with LPL did not sync with our current vision and plans."
"We wish SLC and IPG good luck for the tournament," he added.
On the other hand, IPG CEO Anil Mohan said, "It's indeed a loss for LPL that we lost a credible and iconic team owner like 27th Investments who have a history of ownership of strategic assets worldwide."
The second edition of the Lanka Premier League is set to kick off on December 5 with defending champions Jaffna Kings (earlier Stallions) will take on Galle Gladiators in the first game, with the final slated for December 23.
