LPL occasion organiser defaults right fees again
LPL had all the glamour it was supposed to offer, however SLC is yet to receive the rights cost from the event organiser
Two months into the completion of the inaugural edition of the Lanka Premier League (LPL), Sri Lanka Cricket (SLC) is yet to recuperate the rights charge from the occasion organiser– Innovative Production Group (IPG).
This is regardless of SLC having actually offered them a grace duration up until the completion of the five-team tournament to settle an exceptional sum of US$ 775,000. Even though the arrangement entered by the IPG and SLC requires the right holder to settle rights charge immediately after participating in the five-year offer, they just paid US$ 1 million through a bank guarantee, this too sought numerous tips to settle the very same.
IPG entered into a five-year arrangement with a Dubai-based business which in turn accepted pay a sum of US$ 1,920,000 every year for the very first two years of the five-year deal. They accepted increase it by 10 percent each subsequent year. After deducting the bid security, the quantity owed by them was US$ 1,775,000.
Having actually delayed the payment for weeks now, the IPG who is also Sri Lanka Cricket’s production partner had actually earlier suggested to recover it from their television production fees in three equal installments. The ExCo has actually concurred to their proposal which seems the best choice however in a most current advancement, they have asked for a four-year period to settle the impressive payment.
After this existed to the Executive Committee, where SLC President Shammi Silva was missing, it has actually consulted with strong resistance from the members.
“This will be an additional burden to them on top of the yearly cost they have to make. So the members objected to it and decide to put the matter on hold until the next ExCo conference,” cricket sources privy to the details said.
The Lanka Premier League, a franchise based T20 league was held from November 26 to December 16 but the competition had stopped working to meet its financial expectations. While 4 of the franchise groups had owners, the other group was taken care of by the IPG who owns the franchise, ground and tv rights of the occasion.
Cricket authorities have been summoned by the COPE– the parliamentary watchdog to address questions on various irregularities including LPL.