The Indian Premier League's Governing Council will meet in Mumbai on Wednesday to draw up a future course of action.

The meeting has been amid speculation of a rift in the top brass of the BCCI, following the Board's abrupt termination of its contract with the event management company IMG.

Indian Cricket Board cancels ties

With as many as four top franchisees protesting the decision, the Governing Council is expected to discuss the legal implication of the development and also explore possibilities of conducting the third edition of IPL on its own.

Apart from IPL Commissioner and Chairman Lalit Modi, the meeting will be attended by BCCI president Shashank Manohar, secretary N Srinivasan and senior officials Arun Jaitley, Rajiv Shukla, Niranjan Shah and IS Bindra.

The BCCI had decided to snap ties with IMG after the Working Committee refused to approve the terms and conditions of the contract.

The development is being interpreted as an attempt to clip Modi's wings who was largely instrumental in roping in the services of IMG for the first two editions of the cash-rich event.

BCCI secretary N Srinivasan, who negotiated the agreement with IMG senior vice-president Andrew Wildblood, conveyed the board's decision to the company in a letter.

Srinivasan said in the letter that BCCI primarily engaged the company for the first edition of the IPL for an amount of Rs 42.92 crore after which the board's Working Committee refused to approve the terms and conditions of the contract.

The four IPL franchisees -- Delhi Daredevils, Mumbai Indians, Kolkata Knight Riders and Rajasthan Royals -- have separately written to the BCCI, resenting the termination of IMG's contract.

The franchise owners were miffed at not being consulted when the decision of terminating IMG's contract was taken.

The BCCI will pay Rs 33 crore to the sports management company for the conduct of IPL II in South Africa.