The Indian Premier League side the Pune Warriors has withdrawn from the Twenty20 competition.
Sahara India, an Indian conglomerate and the franchise owner, confirmed the withdrawal after financial differences with Indian Cricket's Board of Control.
The argument stems from the valuation of the annual franchise fee, which hadn't been paid.
The immediate cause was the BCCI's decision to cash the $40 million bank guarantee from Sahara, that it was obliged to supply at the start of the season.
The deadline for paying the franchise fee was May 2nd and the BCCI waited till Sahara's IPL's commitments were over before cashing the guarantee.
The Pune Warriors coach Allan Donald was caught off-guard by the decision, telling the cricket website Cricinfo he was shocked as he had already had talks with the owners about next season.
Pune Warriors finished eighth in the current IPL season, winning four out of their 16 matches.
There are no New Zealand players contracted to the franchise.
