The Board of Control for Cricket in India (BCCI) has decided to postpone the tournament indefinitely owing to the global coronavirus pandemic, as per media reports.

The BCCI made the announcement on Wednesday following a conference call with stakeholder on Tuesday to discuss the same according to a respot by ESPNCricInfo .

The conference call was attended by BCCI's top officials including Sourav Ganguly (President), Jay Shah (Secretary), Brijesh Patel (IPL chairman), Arun Dhumal (BCCI Treasurer) and Hemang Amin (IPL COO).

All the eight franchises were informed of the decision on Wednesday morning by IPL COO Hemang Amin. He told the stakeholders that there was no possibility of hosting the event in its designated summer window owing to the extension of the lockdown in India up till May 3 as announced by Prime Minister Narendra Modi on Tuesday.

The tournament’s stakeholders including franchises and the players will now be facing a financial setback due to the event’s suspension. According to the report, eight franchises bought a total of 62 players spending ₹140.30 crore overall. The IPL players will not receive any money until the tournament is held.

Former India opener Gautam Gambhir had recently commented that it will be difficult for former Indian captain Mahendra Singh Dhoni to make a comeback to the Indian team if the IPL is not held this year as per previous reports.

BCCI had previously deferred the event slated to be held on March 29 to April 15 owing to the pandemic.

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“The BCCI is concerned and sensitive about all its stakeholders, and public health in general, and it is taking all necessary steps to ensure that all people related to the IPL, including fans, have a safe cricketing experience,” it had said in a statement.