24 September,2009 01:33 PM IST | | Agencies
The Cricket Board has renegotiated its deal with the event management firm IMG, putting an end to the bitter dispute between the two parties which had thrown the high-profile Indian Premier League in jeopardy.
IMG will now be paid Rs 27 crore, a reduction of Rs 6 crore from the stipulated amount, for their services in managing the Indian Premier league, a top BCCI source said.
The decision to retain the services of IMG was ratified at the 80th Annual General Meeting of the BCCI here which had a 13-point agenda, including clearing the IPL-II accounts.
The expenditure for the IPL, shifted to South Africa because of general elections, included a bill of Rs 33 crore to be paid to IMG. This had not gone down well with the members of the all-powerful Working Committee.
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A resultant termination letter sent to the IMG by secretary N Srinivasan brought in a wave of protest letters from seven franchises and former president Sharad Pawar.
The development was seen as a tug-of-war between BCCI heavyweights Srinivasan, also owner of the IPL team Chennai Super Kings, and Lalit Modi, the chairman of IPL and a vice president of the Board.
The controversy halted, at least temporarily, when IPL Governing Council vested BCCI President Shashank Manohar with the powers to deal with the matter and report to the AGM.
