The owners of Chattogram Royals have relinquished control of the franchise just a day before the start of the Bangladesh Premier League (BPL).
They failed to meet financial obligations to players, leaving BCB to step in and take temporary charge of the team.
The franchise owner, Abdul Kaiyum, informed the BPL Governing Council of his decision in a letter submitted to the board, citing an inability to secure sponsors and pay player salaries.
Under BPL regulations, the responsibility of the franchise now falls to the board.
"We have received a letter," BPL Governing Council member secretary Iftekhar Rahman said to media. . "We are now discussing the situation with the players and reviewing how to proceed. According to the rules, the board is expected to take responsibility."
BCB director and chairman of the board's media and communication department, Amzad Hussain, confirmed the takeover to media.
"They are unable to continue as the owner of the team," Amzad said. "They were also unable to make the necessary payments, so the BCB is taking over the team. Since there is no time to appoint a new owner, this was the only option."
Chattogram Royals were awarded to Triangular Services by the BCB, but the franchise had been surrounded by uncertainty since the beginning.
Under BPL regulations, franchises are required to pay at least 25 percent of player contracts before the tournament begins. That payment was not made, according to officials.
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