New Delhi, August 4: With 46 days left for the 13th edition of the Indian Premier League, an owner of one of the IPL franchises informed the other seven that title sponsors Vivo might walk away. But the Board of Control for Cricket in India (BCCI) says there is no reason to panic.

Speaking to IANS, sources in the know of developments in the BCCI said that the status remains unchanged and panicking isn't the way forward even if someone is feeling a financial crunch. IPL 2020 Title Sponsor VIVO To Make an Exit Owing to Hostility Towards Chinese Brands? Claims Report.

"At this stage there's no change in status. We do understand that someone may be feeling a financial crunch at this stage but from the point of view of the BCCI, there's no discretion to amend any contracted amount even if the market situation makes it difficult for someone. This is on account of the Supreme Court judgment.

"There's a binding contract and the same would govern the manner in which the two parties interact. See there are lot of small developments that take place on a daily basis in an organisation such as the BCCI but that doesn't mean there's any need to jump the gun (he smiled). Someone heard some chatter and pressed the panic button somewhat prematurely. Well, these are the kind of things that give you experience," the source said. "The bottom line is that as of now there is no change. If the situation changes, we will address it."

An official of one of the leading franchises confirmed that the owner had received a call on the same. "Yes, he is known to have good terms with one of the BCCI officials and he did call up the owner to inform that Vivo might be walking away. But I think the decision isn't final. Whatever the status, we believe that a serious matter like this will be formally taken up by the BCCI with all the franchises if the need arises," the official told IANS. IPL 2020 Update: Vivo to Continue as Title Sponsor Amid India-China Border Tensions.

In fact, sources in the know of developments confirmed that in a meeting of the franchises with BCCI officials it was this very person who had raised the issue of compensation for ticket revenue. "He had raised the issue of compensation for ticket revenue. But all the others present stressed that ticket revenue was the least of everyone's concerns and what was important was that the IPL season actually takes place this year," the source said.

(The above story first appeared on LatestLY on Aug 04, 2020 05:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).