The investors behind the Kochi franchise of the Indian Premier League have decided to pull out and have duly informed the Board of Control for Cricket in India, according to ESPNcricinfo.

The decision came three days before the BCCI's deadline to the franchise to sort out its differences.

According to the website, the letter of withdrawal was sent to BCCI president Shashank Manohar yesterday.

What happens next? The IPL governing council could issue a new tender inviting bids for the replacement team on November 28, the date of the next governing council meeting in Mumbai.

When the council met on October 27, Kochi was asked why the franchise should not be scrapped. However, the investors were still given time to get their act together.

An indication of the end came via a Tweet from Shashi Tharoor, who was an advisor to the franchise. "That dream is over for now. Those who didn't want a Kerala IPL team have finally succeeded. Some of us have paid a high price for trying," he wrote.