The Caribbean Premier League (CPL) and Lycamobile have reached a mutual agreement about the ownership of the Trinidad & Tobago Red Steel franchise, which will see Lycamobile relinquish ownership of the franchise with immediate effect.
The joint decision has been taken ahead of the next round of franchise sales, and CPL is in advanced discussions to identify and secure a new owner for The Red Steel, who have already attracted significant interest from a number of potential owners.
Damien O’Donohoe, CEO of Caribbean Premier League, said: “Our goal is to create long-term meaningful partnerships with franchise owners that benefit cricket in the region. We part on good terms and we are both keen to establish other ways in which we can work together in the future to help develop the CPL brand globally.”
A spokesperson from Lycamobile said: “Lycamobile has a long tradition of supporting cricket and cricketing communities and we look forward to aligning our cricketing interests to the continued expansion of the Lycamobile global footprint. We will continue to look at opportunities across the world and we wish the team the very best for the 2014 season.”
The franchise rights for the remaining teams—Antigua Hawksbills, Barbados Tridents, Jamaica Tallawahs and St Lucia Zouks—will go up for sale shortly, and are likely to be acquired in the coming months.