Colombo, May 23 (IANS): A day after the arrest of the Dambulla Thunders co-owner Tamim Rahman, the Lanka Premier League (LPL) have said that they are in the advanced stages of finalising the franchise's new ownership.

Following the arrest of Rahman on Wednesday, the Dambulla Thunders were terminated by Sri Lanka Cricket and the IPG group, the organisers of the tournament.

According to an ESPNcricinfo report, the organisers has confirmed that the LPL season will continue with its original schedule and five teams.

"IPG has always upheld the highest standards of propriety and integrity as the Event Rights Partner of the Lanka Premier League," organisers said in the statement.

"Our dedication to maintaining these standards remains unwavering. We assure all players, fans, and stakeholders that the league's integrity and the spirit of cricket will be preserved throughout the tournament," it added.

The LPL has consisted of five teams since its launch in 2020. The Dambulla Thunders completed their roster in the player auction held by SLC on Tuesday. The new owners are likely to inherit the roster for the upcoming season.

The league has had trouble keeping its franchise owners since its inception. The next owner of Dambulla will be the team's fifth owner in the last five years, the teams' prior names were Dambulla Aura, Dambulla Giants, and Dambulla Viiking.

The LPL 2024 season will begin with the clash between Kandy and Dambulla Thunders on July 1 and conclude on July 21. The tournament will be played in Pallekele, Dambulla, and Colombo.