Indian Premier League Chairman and BCCI vice-President Rajeev Shukla is very sad and disheartened on Sahara India pulling out of the IPL due to financial differences with the board.

With cricket already facing a crisis over the credibility, the BCCI was hit with financial challenges as well on Tuesday after the Sahara pulled out of the IPL and announced it would not renew it's contract with the national team which ends in December.

According to IPL Chairman Rajeev Shukla, he feels very unfortunate and is very sad with the latest developments.

Sahara announced it that it was withdrawing Pune Warriors game after the board encashed its bank guarantee after non-payment of franchisee fee.Sahara had failed to pay Rs 170 crore by May 19.