Atletico Madrid have pulled out of their Indian Premier League franchise Atletico Kolkata.

As the team had stagnated somewhat, despite winning the first two ISL titles on offer, the Rojiblancos have decided instead to concentrate their efforts on their project in San Luis, Mexico.

"Atletico Madrid and Kolkata have reached an agreement that the Spanish club will not be part of the team in the future," said Sanjiv Goenka, majority shareholder of the red-and-white franchise in India.

The team, currently coached by former Manchester United player Teddy Sheringham, will be renamed ATK (Amar Tomar Kolkata).