BCCI demands multi-million dollar settlement

Nov 01, 2014 Sports 0

WICRICNEWS – sportsdeskgy.com – The West Indies Cricket Board will have to cough up nearly US$42 million in order to stave off a lawsuit from the Indian Cricket Board (BCCI), stemming from the abandoned tour of India earlier this month.
On Friday, Indian authorities told the WICB that its losses as a result of the abandoned one-day and Test tour had been estimated at US$41.97 million, and gave the regional Board 15 days in which to come up with a plan of compensation.
The BCCI had announced two weeks ago it would seek compensation from the WICB for losses sustained as a result of the cancelled tour, and followed through with formal correspondence to the Antigua-based organisation on Friday.
Media rights make up the bulk of the losses with the BCCI estimating them at just over US$35 million, while ticket sales account for around $2 million and the title sponsorship from Micromax estimated at $1.6 million.
The BCCI has also factored in losses in kit sponsorship from Nike, team sponsorship, in-stadia sponsorship and stadium concessionaires, in the compensation package.
“The BCCI calls upon the WICB to formally inform the BCCI, in writing, of the steps it intends to take to compensate the BCCI towards the losses quantified above as well as those losses yet to be quantified by the BCCI in relation to the cancelled WICB Tour,” said the letter, signed by BCCI secretary Sanjay Patel.
“In the event the BCCI does not receive such a proposal in acceptable terms, within a period of 15 days from receipt of this letter, please note that the BCCI has peremptorily instructed its attorneys to initiate steps for recovery of the losses by filing appropriate legal proceedings against the WICB in the appropriate Indian Court and you may treat this notice as a formal demand in that regard…”