MSM to pay Rs 425 crore to BCCI as rights fee

first_imgThe Board of Control for Cricket in India (BCCI) will recover Rs 425 crore from IPL’s sub-continent media rights holders MSM Satellite as part of the amended media rights agreement which was approved by the T20 league’s governing council here on Friday.The BCCI successfully contended that the Rs 425 crore facilitation fee paid by MSM to Mauritius-based World Sport Group rightfully belonged to the board, said BCCI secretary N. Srinivasan in a media release after the IPL meeting.Srinivasan also said MSM, who have agreed to pay Rs 300 crore now, were also taking steps to recover the balance amount of Rs 125 crore from WSG and, once this is done, this amount too would be handed over to the BCCI.”Today, the governing council-IPL had approved an amended Media Rights Agreement with MSM Satellite (Singapore) Pte Ltd in which MSM would agree to pay the balance payable under the Facilitation Fee Agreement to the BCCI,” the board secretary said in his media release.”Thus, they have agreed to pay Rs 300 crore as part of the Rights fee to BCCI. MSM Satellite (Singapore) are taking steps to recover Rs 125 crore already paid to WSG Mauritius and on recovery, will pay the same to BCCI,” Srinivasan said.The board had contended that once it became aware of the Rs 425 crore payment by MSM to WSG, they informed MSM it was “an improper payment”, according to Srinivasan.”M/s MSM Satellite (Singapore) Pte Ltd, the Media Rights holders for Sub-continent, had agreed vide an agreement dated 25.3.2010 to pay facilitation fee of Rs 425 crore to WSG Mauritius Ltd. On becoming aware of this, BCCI contended that this money belonged to the Board and should have been part of the Rights fee,” Srinivasan said.advertisement”BCCI had also informed MSM Satellite (Singapore) Pte Ltd that this was improper payment. MSM Satellite agreed to pay the said amount to BCCI as part of the Rights Fees,” the BCCI secretary said.The IPL GC reviewed the status of all matters relating to its suspended commissioner Lalit Modi and was also briefed about the three show cause notices issued to the latter and his replies, Srinivasan said.The Board has found his replies unsatisfactory and a Special General Meeting has been convened on July 3 to decide Modi’s fate.Srinivasan also said the governing council members were briefed about the investigations by government authorities into IPL and the outstanding dues from several vendors who were part of season 3.”Members of the governing council were briefed in detail about the investigations into IPL and outstanding payment to BCCI from several vendors who were part of the IPL-3. The vendors included Ticketgenie, the ticketing agency,” he said.last_img

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