The Board of Control for Cricket in India (BCCI), acknowledging the development that Sahara has decided to part ways with the them, issued a statement on Saturday saying they would contact the aggrieved party soon for further clarifications.

"We understand that Sahara Adventure Sports Limited has issued a statement in which it indicates an intention to withdraw from its involvement in Indian cricket, including as regards the Indian Premier League. We intend to contact Sahara Adventure Sports Limited as soon as practicable to clarify its intentions," the release said.

"During the last few days, Sahara Adventure Sports Limited has requested that IPL vary its Player Regulations by allowing it to increase its auction purse from $1.6m to $3.4m in light of Yuvraj Singh's unfortunate illness.

Whilst all within IPL and BCCI have a huge amount of sympathy for Yuvraj and wish him all the best for a speedy recovery, it is unable to vary the Player Regulations," the release added.