The Marylebone Cricket Club (MCC) has decided not to bid for the new Indian Premier League (IPL) franchises that would be unveiled on Sunday in Mumbai.
After initial interest, MCC has decided against putting its money in the league, which will have two new franchises from next season.
MCC president John Barclay and head of cricket John Stephenson will, however, will be in India next week to attend the IPL opening ceremony in Mumbai.
At this ceremony, the eight team leaders will sign a Captain's Charter to adhere to the MCC Spirit of Cricket 'Play Hard, Play Fair' principles.
"MCC has confirmed that it was not part of the bids that were lodged in Mumbai for the two new Indian Premier League (IPL) franchises. The MCC Committee had met earlier this week at Lord's to discuss its potential involvement with an IPL franchise," the MCC said in a statement.
MCC's Chief Executive Keith Bradshaw, along with Anthony Wreford, a Club Trustee, had travelled to India to "fact-find and discuss proposals with potential IPL consortium members". A small working party subsequently reported back to the MCC Committee.
"After a healthy debate and a thorough investigation, MCC's Committee has decided to uphold the recommendation of our working party not to proceed as an equity stakeholder in a new IPL franchise," Bradshaw said.
"Having said that, we will continue to discuss other ideas with the IPL and, through their support of the MCC Spirit of Cricket campaign, maintain a close working relationship with them.
"The world of cricket is fast-changing and there's no doubt the IPL is going to be a central part of that world for the foreseeable future. We will remain in close contact with the IPL to develop mutually beneficial opportunities," he added.