Business tycoon Mukesh Ambani and Bollywood superstar Shah Rukh Khan, both owners of IPL franchisees, have shot off angry letters to the BCCI.

"I am personally shocked at the unilateral decision of doing away with the services of IMG," the Times of India quoted Ambani, who owns the Mumbai Indians team, as saying in his letter.

Poll

Who will win the Punjab Elections?

BJP 32.79%

AAP 42.62%

INC 24.59%

Submit

View All In Poll

"It is also worrying to me that such a significant decision in relation to IPL has been taken without even so much as consulting the franchises.

"I strongly believe that this decision, if taken forward, will destroy substantial value for all the stakeholders, especially the franchises and dilute the success of IPL in the coming years."

Kolkata Knight Riders owner SRK said IMG had been "an integral part of the tournament management and its success so far" and questioned the logic of the board in ending the deal.

The BCCI had entered into a preliminary agreement with IMG in 2008 to promote and manage IPL's affairs. IMG was to be paid 10 percent of the tournament's gross revenue as commission.

But the board felt the amount was "disproportionate to services rendered".