Cricket lords over other sports in India and teams in the IPL, with a USD 3.5 billion estimated brand value, count Bollywood stars and major conglomerates such as Reliance Industries  as investors.

PepsiCo bagged the IPL title sponsorship rights in 2012 for five years (2013-17) for 3.97 billion Indian rupees (USD 61.31 million), almost double that DLF, India's biggest listed property developer, paid for the rights from 2008-12.

The Twenty20 league has been dogged by corruption allegations for years and in July a panel set up by India's top court recommended suspending the franchise owners of two teams for two years following an illegal betting and spot-fixing scandal. Reports said PepsiCo's decision was based on issues that have brought the game into "disrepute".

"BCCI and PepsiCo have had a longstanding cordial relationship and have been in discussions to work out a solution which addresses PepsiCo's concerns. Both parties will share it when ready," the board and the company said in a joint statement.

The statement gave no further details on the specific issues at stake.

Around 90 percent of the advertisement money targeted at sports in India goes to cricket, analysts say, and one of the two teams that the court-appointed panel recommended for suspension is owned by India Cements.

The panel was established by India's Supreme Court after a separate committee had carried out the investigation into the scandal, which broke in 2013. More than two dozen people, including players, officials and bookmakers, were arrested by Indian police. Many were later charged with various offences.

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