MUMBAI: PepsiCo’s notice to BCCI to withdraw its sponsorship from the Indian Premier League's (IPL) next leg has come as yet another setback to India’s most popular cricketing event.

However, a source close to the development informs Indiantelevision.com, “Pepsi’s exit will have no negative impact on the brand value of the tournament and the board is confident of having a new sponsor way before the start of the next season.”

IPL chairman Rajiv Shukla was quoted by PTI as saying, “We are in talks with other sponsors as well, so the title deal with Pepsi is not that big an issue. They have certain points and we are going to settle them amicably in the next meeting, They have been very good partners all this while and we do not want to disturb our relationship with them. Whatever is going to happen is going to happen in a very smooth manner.”

Shukla further added, “Pepsi wants to end the deal due to its drenching foreign interests. They have shown a willingness to move out of the deal from this season because of their own interests and not because of disrepute and stuff. So they may not continue as the main sponsor.”

The beverage giant wants to walk out of the five-year title contract, which due to expire in 2017, because of the cash-rich league’s incurring controversies.

PepsiCo had paid Rs 396 crore ($71.77 million) from the 2013 - 2017 period. The BCCI will take up the matter during its working committee meeting in Mumbai on 18 October.