Jamaica Tallawahs, the 2013, 2016 and 2022 Caribbean Premier League champions, will not feature in the tournament's 2024 season and will be replaced by a new franchise based in Antigua and Barbuda.
Kris Persaud, a Guyanese businessman based in Florida, owned the Tallawahs franchise but has sold it back to the CPL.
"The owners were left with no option but to sell the Tallawahs back to CPL as they could not find a way to operate the team sustainably," a CPL spokesperson told ESPNCricinfo.
The three-time CPL champions will be replaced by a not yet named Antigua-based franchise in 2024.
The island hosted a franchise named Antigua Hawksbills in the first two CPL seasons, but they won only three matches and were replaced by St Kitts and Nevis Patriots in 2015.
Daryll Matthew, the minister of sports in the Antigua and Barbuda Senate, revealed plans to host a franchise in 2024 earlier this week. "We can expect very easily and conservatively to generate approximately US$6 million per year by simply having a CPL franchise based in Antigua and Barbuda," Matthew said, as reported by the Antigua Observer.
The CPL intends to relaunch a Jamaica-based franchise in years to come.
"The CPL remains committed to having a team based in Jamaica, but this will be in 2025 at the earliest," a spokesperson said.
"In 2024, there will be six teams taking part in the CPL with franchises based in Antigua & Barbuda, Guyana, St Kitts & Nevis, Saint Lucia and Trinidad & Tobago," they added.