In a huge blow to team India’s sponsorship, “Sahara India” on Saturday announced the end of their business relationship with the BCCI and pulled out of the IPL by withdrawing from Pune Warriors' ownership at the last minute.

Sahara has sponsored team India; For 11 years. It was paying Rs 3.34 crore per  Test, One-day and T20 International match under the new terms.

"It was an emotional decision for us to start this sponsorship but our emotions were never appreciated and many genuine situations were not given due consideration at all," the statement read.

Sahara, which entered the IPL last year with the now separated Kochi Tuskers Kerala, had issues with the BCCI.

Sahara's key player in the IPL is, the devastating all-rounder Yuvraj Singh, who is currently recovering from lung tumor in the U.S.

His absence in the IPL this season impelled Sahara to ask the BCCI that the price of the batsman be added to their overall purse for the player’s auction but it was turned down.

Sahara is apparently also unhappy with the fact that Royal Challengers Bangalore were allowed to buy replacement player Chris Gayle this season.

"The manner in which Gayle was bought was not liked by many franchises including Sahara," a Sahara official said.

Despite the pull-out, Sahara said that it would pay its sponsorship fee for the next few months giving time to the BCCI to find a new sponsor. It also promised to pay the dues of its IPL players and staff.

Having withdrawn from cricket under BCCI, Sahara claimed it would put in Rs. 1000 crore in a welfare foundation which would help develop "20 Rural and Urban Sports Promotional Centres including  Cricket promotional Centres."

Sahara also announced that a support fund for retired and present players who, have nothing but cricket in their lives and face problems with Medical bills and other family issues etc.

Every year minimum 10 crore will be distributed; Rs 3 crore for cricketers. Rs 7 crore for all other faculties related to cricket.