Quoting Board of Control for Cricket in India (BCCI) sources, CNN-IBN reported that Lalit Modi has not only agreed to step down but has also decided to attend the governing council meeting scheduled to be held on Monday, Apr 26.
This news comes after Modi's unexpected telephonic conversation with BCCI president Shashank Manohar. The two have been lodged in a war of words over the disclosure of financial details of the teams as well as the governing council meeting date.
However, there is no confirmation of the report and Modi has claimed that he has not submitted his resignation but has sought some more time to make his decision.
Lalit Modi has been facing the heat over the past few days following the allegations of financial irregularities, corruption and impropriety were slapped against the cricket series.
While Tharoor had to quit over the ownership issue of the new Kochi team, Modi has been pressurised to step down due to behavioral and financial accusations slapped against him.
Earlier, it was reported that Former Board of Control for Cricket in India (BCCI) president Sharad Pawar had asked Modi to send him his resignation. Meanwhile, BCCI officials held an unofficial meeting in Mumbai.
Other media reports state that on being told that there was no option but to quit, Modi has agreed to Pawar and Manohar's compromise formula. There are no details yet on what compromise the formula is.
There are also reports that Ravi Shashtri could be the next IPL chief.